Rhinelander v. Commissioner
United States Board of Tax Appeals
During 1928 and for many years prior thereto the petitioner's only business was that of acting as trustee, executor, and administrator. In 1917 and years prior thereto he loaned large sums of his own funds to the Atlantic Mortgage Corporation. He definitely ascertained in 1927 that his claim against the corporation for $163,585.61 was worthless.
Read the full summary
During 1928 and for many years prior thereto the petitioner's only business was that of acting as trustee, executor, and administrator. In 1917 and years prior thereto he loaned large sums of his own funds to the Atlantic Mortgage Corporation. He definitely ascertained in 1927 that his claim against the corporation for $163,585.61 was worthless. The amount of the deductible loss was in excess of his income for that year to the extent of $20,826.23. He claims the last named amount as a deduction from his gross income of 1928, under section 117(b) of the Revenue Act of 1928. Held, that the loss…
1Opinion of the Court
OPINION.
Smith:
This is a proceeding for the redetermination of a deficiency in income tax for 1928 in the amount of $6,992.77.
The petition alleges that in the determination of the deficiency the respondent—(1) * * * erroneously ruled that the amount of $25,806.23, allowed by the field agent as a statutory net loss of 1927 should not be carried over and the deduction in 1928 was improper, and that said deduction should not be allowed from the taxpayer’s income.(2) * * * erroneously ruled and decided that the loss of $163,560.81, sustained in 1927 was not sustained from a trade or business…
2Cases cited3 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Home Insurance v. DickSupreme Court of the United States · 1930
- Strouse v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by4 opinions
- Cavedon v. CommissionerUnited States Board of Tax Appeals · 1934
- Cavedon v. CommissionerUnited States Board of Tax Appeals · 1934
- Cavedon v. CommissionerUnited States Board of Tax Appeals · 1934
- Rhinelander v. CommissionerUnited States Board of Tax Appeals · 1934