Grammer v. Commissioner
United States Tax Court
"Exclusive" listing of petitioner's former residence with real estate broker for rent, held not such appropriation to business use as to justify deduction for any loss on subsequent sale as the result of a "transaction entered into for profit," under Internal Revenue Code, section 23 (e) (2).
1Opinion of the Court
OPINION.
Opper, Judge:
Petitioner’s effort to deduct a loss on the sale of property which he originally acquired as a residence can not succeed unless it was suffered in a “transaction entered into for profit.” The original acquisition was clearly a personal one, unconnected with a profit purpose, and, unless there has been a subsequent “transaction” which was “profit-inspired,” the loss would not be deductible. Warren Leslie, Sr., 6 T. C. 488.
It is recognized by the parties that a mere listing with a broker for sale or rent, Morgan v. Commissioner (C. C. A., 5th Cir.), 76 Fed. (2d) 390;…
2Cases cited5 opinions
- Sibbald v. . the Bethlehem Iron CompanyNew York Court of Appeals · 1881
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Leslie v. CommissionerUnited States Tax Court · 1946
- Bennett v. Crew Levick Co.Supreme Court of Pennsylvania · 1926
- Jacobs v. McKelveySuperior Court of Pennsylvania · 1937
3Cited by38 opinions
- Horrmann v. CommissionerUnited States Tax Court · 1951
- Newcombe v. CommissionerUnited States Tax Court · 1970
- Neave v. CommissionerUnited States Tax Court · 1952
- Wilson v. CommissionerUnited States Tax Court · 1968
- McBride v. Commissioner (A)United States Tax Court · 1968
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