Goble v. Commissioner
United States Tax Court
In 1949, petitioner sustained a loss on the sale of an animal and certain farm machinery used in her farm business. Petitioner took the loss into account in claiming a net operating loss carry-over in 1950. The respondent disallowed the deduction in 1950 on the ground that the loss was not attributable to the operation of a trade or business regularly carried on within the meaning of section 122 (d)(5). Held, that the loss on the sale of assets arose in the regular course of…
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In 1949, petitioner sustained a loss on the sale of an animal and certain farm machinery used in her farm business. Petitioner took the loss into account in claiming a net operating loss carry-over in 1950. The respondent disallowed the deduction in 1950 on the ground that the loss was not attributable to the operation of a trade or business regularly carried on within the meaning of section 122 (d)(5). Held, that the loss on the sale of assets arose in the regular course of conducting a continuing business in which the assets were utilized, that there was no consequent termination of the…
1Opinion of the Court
OPINION.
Fisher, Judge:
All of the facts have been stipulated and are incorporated herein by reference.
Petitioner, Helen Groble (formerly Helen Marble), is a resident of Noseland, Nebraska,, and filed timely Federal income tax returns for the years 1949 and 1950 with the then collector of internal revenue for the district of Nebraska.'
Petitioner owns 920 acres of farm land located about 2% miles west of Koseland. For a number of years prior to 1949, throughout the years 1949 and 1950, and in the years following, petitioner continuously used this land to carry on a farm business comprised of…
2Cases cited11 opinions
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Baruch v. CommissionerUnited States Tax Court · 1948
- Pettit v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
6 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Townend v. CommissionerUnited States Tax Court · 1956
- CLuck v. CommissionerUnited States Tax Court · 1957
- Crow v. CommissionerUnited States Tax Court · 1982
- Dyer v. United StatesDistrict Court, W.D. Kentucky · 1960
- Overly v. CommissionerUnited States Tax Court · 1956
5 more not listed; retrieve them via the Exa API.