Engelhart v. Commissioner
United States Tax Court
Losses -- Sales to Controlled Corporation -- Sec. 24 (b) (1). -- The petitioner made separate purchases of "mixed metal" during 1950. He held the metal first purchased for more than 6 months and the second for less than 6 months. He sold both lots in 1951, that held for more than 6 months at a gain and that held for less than 6 months at a loss. Each sale was to a corporation, more than 50 per cent of the stock of which was owned by the petitioner and his wife.
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Losses -- Sales to Controlled Corporation -- Sec. 24 (b) (1). -- The petitioner made separate purchases of "mixed metal" during 1950. He held the metal first purchased for more than 6 months and the second for less than 6 months. He sold both lots in 1951, that held for more than 6 months at a gain and that held for less than 6 months at a loss. Each sale was to a corporation, more than 50 per cent of the stock of which was owned by the petitioner and his wife. Section 24 (b) (1) applies and the petitioner is not entitled to deduct the loss or to offset it against the gain which exceeded the…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency in income tax of the petitioner for 1951 in the amount of $6,205.60. One of the adjustments which he made was to add to income “Losses from sale of mixed metal $8,540.49.” He explained that adjustment as follows:(c) In your income tax return for the year ended December 31, 1951, you reduced the long term capital gains to be taken into account by the amount of §8,540.49 which represents losses from the sales of mixed metal to the Kester Solder Company — a corporation controlled by you. It is held that these losses, amounting to…
2Cases cited10 opinions
- Kaplan v. CommissionerUnited States Tax Court · 1953
- W. A. Drake, Inc. v. CommissionerUnited States Tax Court · 1944
- WA Drake, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Tenth Circuit · 1944
- Lakeside Irr. Co. v. Commissioner of Internal Rev.Court of Appeals for the Fifth Circuit · 1942
- M. F. Reddington Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1942
5 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- United States Holding Co. v. CommissionerUnited States Tax Court · 1965
- Johnson v. CommissionerUnited States Tax Court · 1964
- Nieman v. CommissionerUnited States Tax Court · 1959
- Hickman v. CommissionerUnited States Tax Court · 1972
- Engelhart v. CommissionerUnited States Tax Court · 1958
4 more not listed; retrieve them via the Exa API.