Gutman v. Commissioner
United States Board of Tax Appeals
A loss sustained by petitioner in the year 1922 as a result of the liquidation of a corporation, stock of which he had purchased as an investment, was not a net loss from operation of a trade or business regularly carried on by him and the excess of the loss sustained in year 1922 over his income for that year was not a proper deduction under the provisions of section 204 of the Revenue Act of 1921, from his income for the calendar year 1923.
1Opinion of the Court
HARRY J. GUTMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gutman v. Commissioner
Docket No. 4764.
United States Board of Tax Appeals
7 B.T.A. 500; 1927 BTA LEXIS 3156;
June 24, 1927, Promulgated
A loss sustained by petitioner in the year 1922 as a result of the liquidation of a corporation, stock of which he had purchased as an investment, was not a net loss from operation of a trade or business regularly carried on by him and the excess of the loss sustained in year 1922 over his income for that year was not a proper deduction under the provisions of section 204 of the Revenue…
2Cases cited1 opinion
- Gutman v. CommissionerUnited States Board of Tax Appeals · 1927