Austin v. Commissioner
United States Tax Court
Upon the ultimate finding that petitioners' predominant purpose in acquiring in 1950 improved real estate located in Millbrook, New York, was to acquire a residence, it is held that a loss sustained upon the subsequent sale of the property in 1955 is not deductible under section 165 (a) and (c), I.R.C. 1954.
1Opinion of the Court
Akundell, Judge:
Respondent determined a deficiency in income tax for the calendar year 1955 in the amount of $7,043.
Petitioners allege that respondent’s determination is based upon the following error: “Disallowance of loss on sale of house, supporting buildings and forty acres of land — $32,229.00.”
FINDINGS OF FACT.
The stipulated facts are so found and are incorporated herein by this reference.
Petitioners are husband and wife whose joint income tax return for the taxable year 1955 was filed with the director of internal revenue for the district of Connecticut. Since August 1954 petitioners…
2Cases cited9 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Snyder v. CommissionerSupreme Court of the United States · 1935
- Peter Seletos v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
- Wilkes v. CommissionerUnited States Tax Court · 1951
- Koehn v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- Fox v. CommissionerUnited States Tax Court · 1984
- Paul Snyder and Helen J. Snyder v. United StatesCourt of Appeals for the Tenth Circuit · 1982
- Jefferson v. CommissionerUnited States Tax Court · 1968
- Jack P, Stanton and Virginia G. Stanton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- McGlothlin v. CommissionerUnited States Tax Court · 1965
30 more not listed; retrieve them via the Exa API.