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Income Tax Keyed to Graetz
Arkansas Best Corporation v. Commissioner
Citation:485 U.S. 212 (1988)
Petitioner acquired approximately 65% interest in National Bank of Commerce (Bank) in 1968. Petitioner continued to purchase more stock, with its overall percentage interest remaining constant, to help the Bank expand its business up until 1972 when the Bank’s business began to decline. Petitioner purchased more stock from the Bank 1972 with the intention to help the Bank’s loan portfolio. Petitioner sold the bulk of its stock in 1975 and claimed a nearly $10m ordinary loss from the sale.
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