Word: sales
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Dates: during 1930-1939
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...capital losses of $30,000. he would still pay no tax for that year. But his additional $10,000 loss would do him no good the next. If he were deliberately selling depreciated securities to establish a loss for tax purposes, nothing would prevent him from limiting his sales to an even $20,000 loss and saving his other $10,000 loss to be realized by sale the following year. Had such a limitation been in effect when Mr. Gilbert was made a Morgan Partner, the firm would either have had to hold him outside for another year or confine...
...Gerard Swope, president of General Electric Co., who as a director of National City heard Mitchell intimate that National City Co. should reimburse him for private losses he sustained when he bolstered the price of the bank stock. Since Mitchell's chief loss was through the alleged sale of stock to his wife and the repurchase of it later at the same price (though the market value had fallen 80%), Prosecutor Medalie construed this evidence to mean that Mitchell had never really sold the stock to his wife and therefore could not have legally claimed an income loss...
Following an investigation into the state and municipal law in regard to the granting of licenses for the sale of beer, it appears that there is a likelihood of beer in the dining halls next fall. Due to a tangle in the laws, the University has not yet been able to obtain a license...
...Prosecutor Medalie is quick to dynamite this line of defense. At the time of the husband-to-wife bank stock sale, Mrs. Mitchell's fortune stood at about $900,000 (having been run up from a $250,000 inheritance from her coal-dealing father). To cause her to purchase $3,800,000 of bank stock was to force upon her a huge investment with only a 25% margin -hardly, as Mr. Medalie points out, the act of a wise banker or considerate husband. If Mr. Mitchell had not repurchased the stock later, she would owe J. P. Morgan...
...these revelations lay a point for a defense that must prove no intent to defraud. It was not so much the sale as the repurchase at the same price that aroused the U. S. Government's suspicions. By repurchasing the stock he sold her, Mr. Mitchell got his wife's small fortune "out of hock," whereas he became merely a little more in debt to the House of Morgan than he was before. Was his motive, then, prudence rather than tax-evasion? Elizabeth Rend Mitchell is not in the courtroom. A large matronly woman with two grown children...