Nieman v. Commissioner
United States Tax Court
1. Held, under the facts, the transaction in issue was a sale by petitioners of their partnership interests, and no net operating loss carryback to 1945 is allowable. 2. Held, the sale in 1947 by petitioner Herbert A. Nieman of his partnership interest was the sale by an individual of property to a corporation in which he directly or indirectly owned more than 50 per centum of the stock; consequently, he is unable to deduct in that year the loss incurred on the transaction.
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1. Held, under the facts, the transaction in issue was a sale by petitioners of their partnership interests, and no net operating loss carryback to 1945 is allowable. 2. Held, the sale in 1947 by petitioner Herbert A. Nieman of his partnership interest was the sale by an individual of property to a corporation in which he directly or indirectly owned more than 50 per centum of the stock; consequently, he is unable to deduct in that year the loss incurred on the transaction. Sec. 24(b), I.R.C. 1939.
1Opinion of the Court
Herbert A. Nieman, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Nieman v. Commissioner
Docket Nos. 56675, 56674, 56687
United States Tax Court
33 T.C. 411; 1959 U.S. Tax Ct. LEXIS 27;
November 30, 1959, Filed
Decisions will be entered under Rule 50.
1. Held, under the facts, the transaction in issue was a sale by petitioners of their partnership interests, and no net operating loss carryback to 1945 is allowable.
2. Held, the sale in 1947 by petitioner Herbert A. Nieman of his partnership interest was the sale by an individual of property to a corporation in which he…
2Cases cited4 opinions
- Butler Consol. Coal Co. v. CommissionerUnited States Tax Court · 1946
- Engelhart v. CommissionerUnited States Tax Court · 1958
- Nieman v. CommissionerUnited States Tax Court · 1959
- Kaiser v. GlennCourt of Appeals for the Sixth Circuit · 1954