International Trading Co. v. Commissioner
United States Tax Court
From 1944 to 1957, petitioner owned a piece of lakefront property. The property was sold at a loss in 1957. Petitioner did not hold the property for use in its trade or business, or for the production of income, rather the property was held for the personal use of petitioner's stockholders. Held, petitioner cannot take a loss deduction under sec. 165, I.R.C. 1954, and thus is not entitled to a capital loss carryover for the years in issue.
1Dissent
DkeNNEN, /.,
dissenting: I disagree with the majority because I think the conclusion it reaches represents judicial legislating far beyond the scope of the authority of this or any other court. The language of section 165(a) is clear and puts no limitations on the losses that are deductible by corporations. As pointed out in Judge Tannenwald’s dissenting opinion the juxtaposition of sections 23 (e) and 23 (f) in the 1939 Code points up even more clearly the statutory distinctions between losses allowable to individuals and losses allowable to corporations, and the legislative history of…
2Cases cited15 opinions
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- Helvering v. OwensSupreme Court of the United States · 1939
- United States v. HendlerSupreme Court of the United States · 1938
- Riss v. CommissionerUnited States Tax Court · 1971
- Horrmann v. CommissionerUnited States Tax Court · 1951
10 more not listed; retrieve them via the Exa API.