Wagner v. Commissioner
United States Board of Tax Appeals
A loss, arising from the operation of a loan business prohibited by state statutes, subjecting those violating such statutes to fine or imprisonment, or both, upon conviction thereof, is not deductible under section 214(a)(4) and (5), Revenue Act of 1926.
1Opinion of the Court
OPINION.
McMahon:
The respondent asserts a deficiency in income taxes for the calendar year 1927 against the petitioner in the amount of $2,382.01.
The petitioner alleges that the respondent erred in refusing to allow as a deduction $15,000 on account of a loss incurred in connection with petitioner’s loan business.
The petitioner is an individual, whose address is the Plankinton Building, Milwaukee, Wisconsin.
In the latter part of 1926 the petitioner opened an office in Detroit, Michigan, for the purpose of engaging in the business of lending money. The petitioner invested in such business…
2Cases cited14 opinions
- Scudder v. Union National BankSupreme Court of the United States · 1875
- Gano v. CommissionerUnited States Board of Tax Appeals · 1930
- Missouri, Kansas & Texas Trust Co. v. KrumseigSupreme Court of the United States · 1899
- Backer v. CommissionerUnited States Board of Tax Appeals · 1924
- McKenna v. CommissionerUnited States Board of Tax Appeals · 1925
9 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Richey v. CommissionerUnited States Tax Court · 1959
- Blackman v. CommissionerUnited States Tax Court · 1987
- Tharp v. CommissionerUnited States Tax Court · 1972
- Bateman v. CommissionerUnited States Board of Tax Appeals · 1936
- Blackman v. CommissionerUnited States Tax Court · 1987
7 more not listed; retrieve them via the Exa API.