Heckscher v. Commissioner
United States Board of Tax Appeals
Where a taxpayer exchanged property costing $176,382.05 for other property under a contract which limits his possible recovery on a later sale of said property to $150,000, he suffered a loss of $26,382.05, which is deductible in the year of the exchange.
1Opinion of the Court
OPINION.
Van Fossan :
This proceeding was brought to redetermine a deficiency in the income tax of the petitioner for the year 1932 in the sum of $2,847.93.
The sole issue is the deductibility of an alleged loss arising from the sale or exchange of certain stock, costing the petitioner $176,382.05, for real estate in which the petitioner’s interest was limited to $150,000.
In 1921 the petitioner and his wife organized the Heckscher Foundation for Children, hereinafter called the Foundation. Its purpose *1182is to help the underprivileged. It owns a building at 104th Street and Fifth Avenue, New York…
2Cited by3 opinions
- Cooley v. CommissionerUnited States Tax Court · 1959
- Cooley v. CommissionerUnited States Tax Court · 1959
- Heckscher v. CommissionerUnited States Board of Tax Appeals · 1937