Hazard v. Commissioner
United States Tax Court
Petitioner, an attorney at law, owned and occupied, as a residence, property in Kansas City, Missouri, which he abandoned as such and took up his residence in Pittsburgh, Pennsylvania.
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Petitioner, an attorney at law, owned and occupied, as a residence, property in Kansas City, Missouri, which he abandoned as such and took up his residence in Pittsburgh, Pennsylvania. The Kansas City property was rented and depreciation allowed thereon from January 1, 1940, until its sale in the taxable year 1943. Held, such property was not a "capital asset" within the purview of section 117, I. R. C., as amended by the Revenue Act of 1942, and petitioner is entitled to deduct the total loss sustained on the sale, as an ordinary loss under section 23 (e), I. R. C.
1Opinion of the Court
OPINION.
Leech, Judge:
The sole question presented is the extent the loss of $6,844.92 sustained by the petitioner, an attorney at law, on the sale of his former residence in Kansas City, is deductible for income tax purposes. Petitioner contends that the total net loss is deductible under section 23 (e) (1) of the Internal Revenue Code as a “* * * [loss] sustained during the taxable year and not compensated for by insurance or otherwise * * The respondent determined the property in question was a capital asset, on the ground that it was not used in petitioner’s trade or business, and therefore…
2Cases cited1 opinion
- Campbell v. CommissionerUnited States Tax Court · 1945
3Cited by92 opinions
- Curphey v. CommissionerUnited States Tax Court · 1980
- Johnson v. CommissionerUnited States Tax Court · 1973
- Lagreide v. CommissionerUnited States Tax Court · 1954
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Hopkins v. CommissionerUnited States Tax Court · 1950
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