United California Bank v. Commissioner
United States Tax Court
Petitioner's predecessor, a bank, had its main banking and administration offices in a bank building owned by it. Due to expansion of the bank's activities, additional office space was obtained in an adjoining office building and an adjoining hotel, both also owned by the bank. In 1957, new banking and administrative offices were opened in the office building and all employees were moved out of the hotel and the old bank building.
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Petitioner's predecessor, a bank, had its main banking and administration offices in a bank building owned by it. Due to expansion of the bank's activities, additional office space was obtained in an adjoining office building and an adjoining hotel, both also owned by the bank. In 1957, new banking and administrative offices were opened in the office building and all employees were moved out of the hotel and the old bank building. Certain records, furniture and equipment remained in the two buildings until early in 1958. The bank building was likewise used for storing records for the…
1Opinion of the Court
OPINION
TURNER, Judge:
The petitioner contends that its predecessor, First Western Bank & Trust Co., retired the 526 California Street building and certain building accessories, vault equipment, and banking fixtures by abandonment during 1958, and thereby sustained a loss deductible under section 165 (a)6 or section 167(a)7 of the Internal Revenue Code of 1954.
It is the contention of the respondent that the bank sustained no loss due to abandonment of the property in 1958, but to the contrary sold the property in 1959, realizing a gain thereon.
According to subsection (a) of section 1.167(a)-1,…
2Cases cited5 opinions
- Citizens Bank of Weston v. CommissionerUnited States Tax Court · 1957
- Ersel H. Beus and Anna Beus, W. J. Beus, and Leone Beus v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
- Beus v. CommissionerUnited States Tax Court · 1957
- Ewald Iron Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- S. S. White Dental Mfg. Co. v. United StatesUnited States Court of Claims · 1944
3Cited by3 opinions
- A. J. Industries, Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 1974
- Tanforan Co. v. United StatesDistrict Court, N.D. California · 1970
- United California Bank v. CommissionerUnited States Tax Court · 1964