Legal Opinion
Mitchell v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided March 14, 1951No. 27, Docket 21665PublishedCited by 16 opinions
1Opinion of the Court
FRANK, Circuit Judge.
The Tax Court made this ruling: Where a taxpayer partially charges off a note and later in the same taxable year sells the note at a price equal to the reduced value remaining after the charge-off, the taxpayer may not deduct the amount of the charge-off under 26 U.S.C.A. § 23(k) but is entitled solely to a capital loss deduction on the sale. We do not agree with this blanket generalization. The situation is not the equivalent of a sale followed -in the same year by a partial chargé-off. 1 For in such a case, after the sale, the taxpayer owns no debt which he can charge…
2Cases cited16 opinions
- Hormel v. HelveringSupreme Court of the United States · 1941
- Ford Motor Co. v. National Labor Relations BoardSupreme Court of the United States · 1939
- Security Mortgage Co. v. PowersSupreme Court of the United States · 1928
- Zalkind v. ScheinmanCourt of Appeals for the Second Circuit · 1943
- United States v. Rio Grande Dam & Irrigation Co.Supreme Court of the United States · 1902
11 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Jacob Abdalla and Mary T. Abdalla v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
- Wachovia Bank and Trust Company and George A. Shuford, Successor Cotrustees of the Evelyn Grove Seely Trust v. United StatesCourt of Appeals for the Fourth Circuit · 1961
- American Range Lines, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
- Ketler v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1952
- Levine v. CommissionerUnited States Tax Court · 1959
11 more not listed; retrieve them via the Exa API.