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LAMBERTON v. COMMISSIONER

Docket No. 3988.

5 T.C. 600 (1945)

CHESS LAMBERTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 17, 1945.

Attorney(s) appearing for the Case

E. C. Fish, Esq., for the petitioner.

William H. Best, Jr., Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $23,766.56 in the petitioner's income tax for the calendar year 1941. The facts have been stipulated. The petitioner claimed on his return a deduction of $72,016, representing the full cost to him on 2,771 shares of common stock of the Lamberton National Bank of Franklin, Pennsylvania. The Commissioner, in determining the deficiency, reduced...

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