Crawford v. Commissioner
United States Tax Court
Capital Asset -- Real Property Used in the Trade or Business. -- A property acquired by a widow partly by devise from her husband and later partly by purchase which she had abandoned as a residence immediately after her husband's death and unsuccessfully attempted to rent over a long period was real property used in her business within the meaning of section 117 (a) (1), as amended by section 151 (a), Revenue Act of 1942, so that the loss therefrom was deductible for income…
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Capital Asset -- Real Property Used in the Trade or Business. -- A property acquired by a widow partly by devise from her husband and later partly by purchase which she had abandoned as a residence immediately after her husband's death and unsuccessfully attempted to rent over a long period was real property used in her business within the meaning of section 117 (a) (1), as amended by section 151 (a), Revenue Act of 1942, so that the loss therefrom was deductible for income tax purposes and was not a capital loss.
1Opinion of the Court
OPINION.
Murdock, Judge:
This is not a case in which a taxpayer is attempting to convert a property to a business use after he owned and occupied it as a residence. Cf. Warren Leslie, Sr., 6 T. C. 488. The petitioner, under the will of her husband, for the first time acquired interests in the properties which she sold in 1947. She acquired those interests by devise from her husband. She then had a choice in regard to the homestead property — she could continue to occupy it as a residence or she could treat it as a business property in which she would be interested solely for what financial…
2Cases cited9 opinions
- Hazard v. CommissionerUnited States Tax Court · 1946
- Leslie v. CommissionerUnited States Tax Court · 1946
- Carter-Colton Cigar Co. v. CommissionerUnited States Tax Court · 1947
- Campbell v. CommissionerUnited States Tax Court · 1945
- Alamo Broadcasting Co. v. CommissionerUnited States Tax Court · 1950
4 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Horrmann v. CommissionerUnited States Tax Court · 1951
- Newcombe v. CommissionerUnited States Tax Court · 1970
- Bauer v. United StatesUnited States Court of Claims · 1958
- Good v. CommissionerUnited States Tax Court · 1951
- Goddard v. CommissionerUnited States Tax Court · 1962
13 more not listed; retrieve them via the Exa API.