Rothbart v. Commissioner
United States Tax Court
Business -- Regularly Carried On -- Net Operating Loss Carryover -- Sec. 122 (d) (5). -- Held, upon the facts, that a loss in 1951 from the sale of interests in royalties and mineral leases was not attributable to a business regularly carried on by petitioners, and, therefore, petitioners are not entitled to deductions for net operating loss carryback to 1950 and carryover to 1952, under section 122 (d) (5), 1939 Code.
1Opinion of the Court
OPINION.
Hakron, Judge:
The question is whether the loss which was sustained in 1951 qualifies as a net operating loss under section 122,1939 Code, which may be carried back to 1950 and carried forward to 1952. The parties are agreed about the facts; the question involves application of section 122. Petitioners claim net operating loss deductions in 19.50 and 1952 under section 23 (s).
The facts may be summarized briefly as follows: Petitioner Irving Eothbart is a certified public accountant. In 1948, one of his clients, Platt, interested him in an oil venture in Stone County, Mississippi, where…
2Cases cited14 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Sic v. CommissionerUnited States Tax Court · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Kittle v. CommissionerUnited States Tax Court · 1953
- Baruch v. CommissionerUnited States Tax Court · 1948
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3Cited by1 opinion
- Rothbart v. CommissionerUnited States Tax Court · 1956