Hillcone S.S. Co. v. Commissioner
United States Tax Court
Business deductions: Farming expenses: Farming as a trade or business. - An oil tanker corporation that operated a farm which it had purchased from its sole stockholder was entitled to a deduction for expenses incurred in the operation of the farm because there was sufficient evidence to show that the farm was operated as a trade or business for the purpose of making a profit.
Read the full summary
Business deductions: Farming expenses: Farming as a trade or business. - An oil tanker corporation that operated a farm which it had purchased from its sole stockholder was entitled to a deduction for expenses incurred in the operation of the farm because there was sufficient evidence to show that the farm was operated as a trade or business for the purpose of making a profit. Depreciation: Equipment placed in service. - A claimed depreciation deduction for a rock crushing plant was properly disallowed where there was no showing that the plant had ever been placed into service. Losses:…
1Opinion of the Court
Hillcone Steamship Company v. Commissioner.
Hillcone S.S. Co. v. Commissioner
Docket No. 69917.
United States Tax Court
T.C. Memo 1963-220; 1963 Tax Ct. Memo LEXIS 120; 22 T.C.M. (CCH) 1096; T.C.M. (RIA) 63220;
August 21, 1963
Business deductions: Farming expenses: Farming as a trade or business. - An oil tanker corporation that operated a farm which it had purchased from its sole stockholder was entitled to a deduction for expenses incurred in the operation of the farm because there was sufficient evidence to show that the farm was operated as a trade or business for the purpose of making a profit.
2Cases cited10 opinions
- Challenge Mfg. Co. v. CommissionerUnited States Tax Court · 1962
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- International Trading Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1960
- Radio Station WBIR, Inc. v. CommissionerUnited States Tax Court · 1959
- Babbitt v. CommissionerUnited States Tax Court · 1955
5 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965