Levinson v. Commissioner
United States Tax Court
One of petitioners owned land and buildings. The City of Baltimore leased a new building to be erected on the premises. The lease contained no provision for demolition of the existing buildings. Subsequent to the execution of the lease, the existing buildings were demolished and the new building erected. Held, petitioners are not entitled to an ordinary-loss deduction in the year of demolition under sec. 165, I.R.C. 1954.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined deficiencies in petitioners’ income tax for 1966 and 1967 in the respective amounts of $1,873.48 and $15,744.53. Petitioners have conceded the entire deficiency for 1966 and a portion of the deficiency for 1967.
The one issue remaining for decision is whether the petitioners are entitled to deduct, as a loss in 1967, the adjusted basis of buildings demolished in that year and the cost of the demolition.
FINDINGS OP PACT
Some of the facts have been stipulated and are so found.
Petitioners are husband and wife and resided in Baltimore, Md., when they filed…
2Cases cited13 opinions
- A. Raymond Jones and Mary Lou Jones, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Jones v. CommissionerUnited States Tax Court · 1956
- Appleby v. CommissionerUnited States Board of Tax Appeals · 1940
- Commissioner of Internal Rev. v. Appleby's EstateCourt of Appeals for the Second Circuit · 1941
- Anahma Realty Corporation v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1930
8 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Gilman v. CommissionerUnited States Tax Court · 1979
- H. Douglas Wilson, and Roberta D. Wilson v. United StatesCourt of Appeals for the Sixth Circuit · 1978
- Yates Motor Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1977
- Clayton v. CommissionerUnited States Tax Court · 1981
- Gorman v. CommissionerUnited States Tax Court · 1974
5 more not listed; retrieve them via the Exa API.