Belden v. Commissioner
United States Board of Tax Appeals
The petitioner did not sustain a deductible loss (1) upon the sale of real estate which he purchased and used for residential purposes, or (2) upon the sale of certain shares of stock where on the same day his wife repurchased the same number of shares of the same stock from the same broker at the same price with moneys furnished by the petitioner.
1Opinion of the Court
*602OPINION.
Smith :
The petitioner claims the deduction of a loss on the sale of the real estate under section 23 (e) (2) of the Revenue Act of 1928 as a loss resulting from a transaction entered into for profit.
Where a taxpayer acquires property with the intention of selling it at a profit, and where the purpose of making a profit is the predominating motive, even though he may have used the property as a residence, he is entitled to any loss sustained upon the sale thereof. Helen Converse Thorpe, 3 B.T.A. 1006; Henry J. Gordon, 12 B.T.A. 1191; W. W. Holloway, 19 B.T.A. 378; Marjorie C. Randall,…
2Cases cited13 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Gordon v. CommissionerUnited States Board of Tax Appeals · 1928
- Brooks v. CommissionerUnited States Board of Tax Appeals · 1928
- Blumenthal v. CommissionerUnited States Board of Tax Appeals · 1934
- Holloway v. CommissionerUnited States Board of Tax Appeals · 1930
8 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Austin v. CommissionerUnited States Tax Court · 1962
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934
- Elbert S. Tillotson v. CommissionerUnited States Tax Court · 1953
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Mellon v. CommissionerUnited States Board of Tax Appeals · 1937
1 more not listed; retrieve them via the Exa API.