Eysenbach v. Commissioner
United States Board of Tax Appeals
1. Year of loss on stock of a corporation determined. 2. Loss incurred in certain mining operations held to be a "net loss" under section 204 of the Revenue Act of 1921. 3. Where taxpayer leased for the term of 99 years a plot of ground on which stood a building and where under the terms of the lease the lessee was to raze the building and erect a more costly one and where the lessee, after paying the rent for one year, forfeited his rights, and the taxpayer recovered…
Read the full summary
1. Year of loss on stock of a corporation determined. 2. Loss incurred in certain mining operations held to be a "net loss" under section 204 of the Revenue Act of 1921. 3. Where taxpayer leased for the term of 99 years a plot of ground on which stood a building and where under the terms of the lease the lessee was to raze the building and erect a more costly one and where the lessee, after paying the rent for one year, forfeited his rights, and the taxpayer recovered possession in 1923 and in the same year sold the property, held, that a loss was not sustained in the year the building was…
1Opinion of the Court
*720opi:srio3sr.
Milliken:
It is admitted by respondent that petitioner incurred a loss of $67,000 on his stock in the Choctaw Portland Cement Co. The only issue between the parties is in what year loss was sustained. Petitioner contends that the loss was sustained in the year 1923, while respondent asserts that it was sustained in the year 1921. It clearly appears from the facts found that this loss was not incurred in 1921. Although bankruptcy proceedings were begun in that year, the stockholders then hoped and had reasonable grounds to hope that they would realize something on their stock. Up to…
2Cases cited4 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Edwards v. Chile Copper Co.Supreme Court of the United States · 1926
- The Parker Mills v. . the Commissioners of TaxesNew York Court of Appeals · 1861
3Cited by11 opinions
- Butler v. CommissionerUnited States Tax Court · 1961
- Landerman v. CommissionerUnited States Tax Court · 1970
- Miami Beach Bay Shore Co. v. CommissionerCourt of Appeals for the Fifth Circuit · 1943
- Raymep Realty Corp. v. CommissionerUnited States Tax Court · 1948
- Dana v. CommissionerUnited States Board of Tax Appeals · 1934
6 more not listed; retrieve them via the Exa API.