Weir v. Commissioner
United States Court of Appeals for the Third Circuit
109 F.2d 996 (1940)
- Written by Jessica Rice, JD
Facts
E. T. Weir (plaintiff) resided in an apartment building owned by a corporation that sold stock in various properties, including Weir’s building. Weir purchased stock in his apartment building to ensure management maintained certain standards. On December 16, 1932, Weir sold his stock after the rent was raised in the building, and he decided to move out. On March 1, 1933, Weir repurchased the exact stock sold because the rent had been reduced and he had decided to continue living in the building. Weir took a loss deduction from the sale on his 1932 federal income-tax return. The Commissioner of Internal Revenue (the commissioner) (defendant) disallowed the deduction, and Weir appealed.
Rule of Law
Issue
Holding and Reasoning (Clark, J.)
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