Burke v. Commissioner
United States Tax Court
1. Held, that a partially constructed hotel did not, as a matter of fact, lose its useful value in the year 1950, and was not abandoned by petitioner as an asset in said year.
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1. Held, that a partially constructed hotel did not, as a matter of fact, lose its useful value in the year 1950, and was not abandoned by petitioner as an asset in said year. Deduction of abandonment loss for said year is denied. 2. Held, further, that certain fees and expenses paid by petitioner to his attorneys in 1946 and 1947, are not deductible by him in the year 1950. Such expenses were either nondeductible capital expenditures or were current expenses of the prior years when paid.
1Opinion of the Court
Stanley Burke, Petitioner, v. Commissioner of Internal Revenue, Respondent
Burke v. Commissioner
Docket No. 59562
United States Tax Court
32 T.C. 775; 1959 U.S. Tax Ct. LEXIS 138;
June 29, 1959, Filed
Decision will be entered for the respondent.
1. Held, that a partially constructed hotel did not, as a matter of fact, lose its useful value in the year 1950, and was not abandoned by petitioner as an asset in said year. Deduction of abandonment loss for said year is denied.
2. Held, further, that certain fees and expenses paid by petitioner to his attorneys in 1946 and 1947, are not deductible by him…
2Cases cited6 opinions
- W. B. Davis & Son, Inc. v. CommissionerUnited States Tax Court · 1945
- The Citizens Bank of Weston v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Citizens Bank of Weston v. CommissionerUnited States Tax Court · 1957
- Commissioner of Internal Revenue v. McCarthyCourt of Appeals for the Seventh Circuit · 1942
- Burke v. CommissionerUnited States Tax Court · 1959
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