Heckscher v. Commissioner
United States Board of Tax Appeals
Where a taxpayer exchanged property costing $176,382.05 for other property under a contract which limits his possible recovery on a later sale of said property to $150,000, he suffered a loss of $26,382.05, which is deductible in the year of the exchange.
1Opinion of the Court
AUGUST HECKSCHER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Heckscher v. Commissioner
Docket No. 82000.
United States Board of Tax Appeals
36 B.T.A. 1181; 1937 BTA LEXIS 614;
December 22, 1937, Promulgated
Where a taxpayer exchanged property costing $176,382.05 for other property under a contract which limits his possible recovery on a later sale of said property to $150,000, he suffered a loss of $26,382.05, which is deductible in the year of the exchange.
Horace N. Taylor, Esq., and Winthrop G. Brown, Esq., for the petitioner.
Philip M. Clark, Esq., and Stanley B. Pierson, Esq.,…
2Cases cited1 opinion
- Heckscher v. CommissionerUnited States Board of Tax Appeals · 1937