Austin v. Commissioner
United States Tax Court
Upon the ultimate finding that petitioners' predominant purpose in acquiring in 1950 improved real estate located in Millbrook, New York, was to acquire a residence, it is held that a loss sustained upon the subsequent sale of the property in 1955 is not deductible under section 165 (a) and (c), I.R.C. 1954.
1Opinion of the Court
James E. Austin and Elizabeth G. Austin, Petitioners, v. Commissioner of Internal Revenue, Respondent
Austin v. Commissioner
Docket No. 77594
United States Tax Court
35 T.C. 221; 1960 U.S. Tax Ct. LEXIS 39;
October 31, 1960, Filed
Decision will be entered for the respondent.
Upon the ultimate finding that petitioners' predominant purpose in acquiring in 1950 improved real estate located in Millbrook, New York, was to acquire a residence, it is held that a loss sustained upon the subsequent sale of the property in 1955 is not deductible under section 165 (a) and (c), I.R.C. 1954.
Ben A. Matthews,…
2Cases cited9 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Snyder v. CommissionerSupreme Court of the United States · 1935
- Austin v. CommissionerUnited States Tax Court · 1960
- Peter Seletos v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
- Wilkes v. CommissionerUnited States Tax Court · 1951
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