
    St. Louis Union Trust Co., Executor of the Will of Edward Mallinckrodt, Sr., Petitioner, v. Commissioner of Internal Revenue, Respondent.
    Docket No. 11032.
    Promulgated November 16, 1928.
    
      Daniel N. Kirby, Esq., for the petitioner.
    
      James A. C Callaghan, Esq., for the respondent.
   OPINION.

Siefkin :

In this proceeding the only dispute is about the cost of the stock sold in 1921. In 1902 the petitioner received the 500 shares in question, then worth $372 a share, in exchange for 500 shares of another stock, then worth $446 a share, and was paid $92 a share in addition.

In accordance with prior decisions of the Board we hold that the petitioner sustained a loss in 1921, using as a basis the market value of $446 per share for the 500 shares of stock of Union Trust Co. exchanged, reduced by $46,000 cash received.

Judgment will be entered under Rule 50.  