Bihlmaier v. Commissioner
United States Tax Court
1. Petitioner made a down payment in 1945 on a contract to buy land. He did not carry out the contract, and claimed an ordinary loss in 1945 of the amount of the deposit. Respondent allowed the loss as a short term capital loss. Held, petitioner has failed to prove error in respondent's determination. 2. Petitioner deducted in his 1945 and 1946 returns advances made in each year to a corporation of which he was president and a substantial stockholder.
Read the full summary
1. Petitioner made a down payment in 1945 on a contract to buy land. He did not carry out the contract, and claimed an ordinary loss in 1945 of the amount of the deposit. Respondent allowed the loss as a short term capital loss. Held, petitioner has failed to prove error in respondent's determination. 2. Petitioner deducted in his 1945 and 1946 returns advances made in each year to a corporation of which he was president and a substantial stockholder. The corporation was in bad financial condition and operating at a loss. Held, the amounts advanced in 1945 are deductible as bad debts, but the…
1Opinion of the Court
Fred A. Bihlmaier, Petitioner, v. Commissioner of Internal Revenue, Respondent
Bihlmaier v. Commissioner
Docket No. 20976
United States Tax Court
17 T.C. 620; 1951 U.S. Tax Ct. LEXIS 66;
October 8, 1951, Promulgated
Decision will be entered under Rule 50.
1. Petitioner made a down payment in 1945 on a contract to buy land. He did not carry out the contract, and claimed an ordinary loss in 1945 of the amount of the deposit. Respondent allowed the loss as a short term capital loss. Held, petitioner has failed to prove error in respondent's determination.
2. Petitioner deducted in his 1945 and 1946…
2Cases cited12 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
- Eckert v. BurnetSupreme Court of the United States · 1931
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Bihlmaier v. CommissionerUnited States Tax Court · 1951
- Ferguson v. CommissionerUnited States Tax Court · 1951
7 more not listed; retrieve them via the Exa API.