Latimer-Looney Chevrolet, Inc. v. Commissioner
United States Tax Court
The petitioner, a dealer in new and used cars, claimed depreciation on certain cars and capital gains with respect to certain "company cars" which it had sold. Held, on the facts the cars in controversy were used in the petitioner's trade or business and as such are entitled to depreciation under section 23 (1) and to treatment under section 117 (j) of the Internal Revenue Code.
1Opinion of the Court
OPINION.
Hill, Judge:
The question for our determination is whether the seventeen Chevrolet cars held by the petitioner were property used in its trade or business of a character defined in section 117 (j) of the Internal Revenue Code, which is-subject to the amounts for depreciation provided in section 23 (1), or whether as maintained by the respondent they fall within the exceptions contained in section 117 (j) as either (a) property of a kind which would be properly includible in the inventory of the taxpayer if on hand at the close of the taxable year, or (b) property held by the taxpayer…
2Cases cited2 opinions
- United States v. Bennett (Two Cases). Finch v. Arnold, Acting Collector of Internal Revenue (Two Cases). Birkbeck v. Thomas. Ritchie v. ThomasCourt of Appeals for the Fifth Circuit · 1951
- A. Benetti Novelty Co. v. CommissionerUnited States Tax Court · 1949
3Cited by16 opinions
- United States v. Ingredient Technology Corporation, Formerly Known as Sucrest Corporation, and Robert M. RapaportCourt of Appeals for the Second Circuit · 1983
- Pacific Enters. & Subsidiaries v. CommissionerUnited States Tax Court · 1993
- United States v. Massey Motors, Inc.Court of Appeals for the Fifth Circuit · 1959
- Davidson v. TomlinsonDistrict Court, S.D. Florida · 1958
- Lynch-Davidson Motors, Inc. v. TomlinsonDistrict Court, S.D. Florida · 1958
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