Weis v. Commissioner
United States Board of Tax Appeals
Losses sustained by reason of investments becoming definitely valueless in the taxable year are allowable as deductions from income.
1Opinion of the Court
*1287OPINION.
Lansdon :
The issues in this case all relate to the deduction of losses from income. It is not disputed that deductible losses were sustained by the petitioner in the amounts claimed. The questions to be decided are whether he is entitled to take such deductions in the taxable years. The petitioner filed his income-tax returns and kept his books of account on a basis of actual cash receipts and disbursements. In consequence, the respondent contends that the losses are only deductible within the years when paid in cash out of the capital of the petitioner. The petitioner contends that…
2Cited by15 opinions
- Jenkins v. BitgoodCourt of Appeals for the Second Circuit · 1939
- Proesel v. CommissionerUnited States Tax Court · 1981
- Patrick v. United StatesDistrict Court, W.D. South Carolina · 1960
- Price v. CommissionerCourt of Appeals for the Fourth Circuit · 1939
- Evans v. CommissionerUnited States Tax Court · 1975
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