Farish v. Commissioner
United States Board of Tax Appeals
NONDEDUCTIBLE LOSSES. - During the taxable years petitioners were members of two partnerships, which were engaged in breeding polo ponies and race horses. On the facts, held that neither of such partnerships was carrying on a trade or business, and the losses sustained were not incurred in transactions entered into for profit, within the purview of section 23, Revenue Act of 1932.
1Opinion of the Court
W. S. FARISH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
LIBBIE RICE FARISH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Farish v. Commissioner
Docket Nos. 81145, 81146, 83295, 83296.
United States Board of Tax Appeals
36 B.T.A. 1114; 1937 BTA LEXIS 622;
December 9, 1937, Promulgated
NONDEDUCTIBLE LOSSES. - During the taxable years petitioners were members of two partnerships, which were engaged in breeding polo ponies and race horses. On the facts, held that neither of such partnerships was carrying on a trade or business, and the losses sustained were not…
2Cases cited1 opinion
- Farish v. CommissionerUnited States Board of Tax Appeals · 1937