Newman v. Commissioner
United States Tax Court
P, primarily a grocer, spent between 30 and 50 percent of his time pursuing the trade or business of promoting, organizing and financing various enterprises over a 15-year period. P suffered losses when several enterprises he had financed, by advancing funds and guaranteeing loans, failed and his co-venturer and obligor went bankrupt. Held, such losses are deductible as business bad debt losses under I.R.C. section 166.
1Opinion of the Court
WILLARD F. NEWMAN AND EDTH NEWMAN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Newman v. Commissioner
Docket No. 11147-86.
United States Tax Court
T.C. Memo 1989-63; 1989 Tax Ct. Memo LEXIS 63; 56 T.C.M. (CCH) 1232; T.C.M. (RIA) 89063;
February 13, 1989.
P, primarily a grocer, spent between 30 and 50 percent of his time pursuing the trade or business of promoting, organizing and financing various enterprises over a 15-year period. P suffered losses when several enterprises he had financed, by advancing funds and guaranteeing loans, failed and his co-venturer and obligor went…
2Cases cited9 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Commissioner v. GroetzingerSupreme Court of the United States · 1987
- Whipple v. CommissionerSupreme Court of the United States · 1963
- United States v. GeneresSupreme Court of the United States · 1972
- Millsap v. CommissionerUnited States Tax Court · 1966
4 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Melvyn L. Bell v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 2000
- Melvyn L. Bell v. CIRCourt of Appeals for the Eighth Circuit · 2000