Independent Brick Co. v. Commissioner
United States Board of Tax Appeals
1. Loss sustained in 1919 from the disposition of capital assets which were acquired for use in petitioner's regular business and which were disposed of during the continuation of this business and not in suspension thereof, held to be a loss sustained in the operation of a business and, therefore, to be included as a part of petitioner's "net loss" for 1919. 2. It does not necessarily follow, from the mere fact that the foregoing assets were not used during the period when…
Read the full summary
1. Loss sustained in 1919 from the disposition of capital assets which were acquired for use in petitioner's regular business and which were disposed of during the continuation of this business and not in suspension thereof, held to be a loss sustained in the operation of a business and, therefore, to be included as a part of petitioner's "net loss" for 1919. 2. It does not necessarily follow, from the mere fact that the foregoing assets were not used during the period when held, that no depreciation was sustained thereon during this period.
1Opinion of the Court
INDEPENDENT BRICK CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Independent Brick Co. v. Commissioner
Docket No. 8198.
United States Board of Tax Appeals
11 B.T.A. 862; 1928 BTA LEXIS 3707;
April 27, 1928, Promulgated
1. Loss sustained in 1919 from the disposition of capital assets which were acquired for use in petitioner's regular business and which were disposed of during the continuation of this business and not in suspension thereof, held to be a loss sustained in the operation of a business and, therefore, to be included as a part of petitioner's "net loss" for 1919.
2. It…
2Cases cited1 opinion
- Independent Brick Co. v. CommissionerUnited States Board of Tax Appeals · 1928