Elbert S. Tillotson v. Commissioner
United States Tax Court
Held, on the facts, petitioners are entitled to deduct from their gross income for the taxable year 1943, either under Section 23 (e) (1) or (2), Internal Revenue Code, a loss incurred upon the sale of real property acquired and at all times held for sale at a profit in connection with their real estate development and construction business, notwithstanding petitioners resided thereon for a period of approximately five years.
1Opinion of the Court
Elbert S. Tillotson and Mary W. Tillotson v. Commissioner.
Elbert S. Tillotson v. Commissioner
Docket Nos. 23236, 23237.
United States Tax Court
1953 Tax Ct. Memo LEXIS 365; 12 T.C.M. (CCH) 171; T.C.M. (RIA) 53056;
February 19, 1953
Held, on the facts, petitioners are entitled to deduct from their gross income for the taxable year 1943, either under Section 23 (e) (1) or (2), Internal Revenue Code, a loss incurred upon the sale of real property acquired and at all times held for sale at a profit in connection with their real estate development and construction business, notwithstanding petitioners…
2Cases cited2 opinions
- Gordon v. CommissionerUnited States Board of Tax Appeals · 1928
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934