Crow v. Commissioner
United States Tax Court
Petitioners (H & W) sustained capital losses in 1970 upon sales of stock in Bankers National and Lomas & Nettleton. They claimed such losses as "business capital losses" within sec. 1.172-3(a)(2), Income Tax Regs., in computing their net operating loss under sec. 172, I.R.C. 1954. Held, the Bankers National loss was a "nonbusiness" capital loss since it has been found herein not to be directly related to or "attributable to" H's real estate business, and was therefore…
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Petitioners (H & W) sustained capital losses in 1970 upon sales of stock in Bankers National and Lomas & Nettleton. They claimed such losses as "business capital losses" within sec. 1.172-3(a)(2), Income Tax Regs., in computing their net operating loss under sec. 172, I.R.C. 1954. Held, the Bankers National loss was a "nonbusiness" capital loss since it has been found herein not to be directly related to or "attributable to" H's real estate business, and was therefore subject to the limitations of sec. 172(d)(2) and ( 4), I.R.C. 1954, and the foregoing regulations. Held, further, the Lomas &…
1Opinion of the Court
Raum, Judge:*
On May 10, 1971, petitioners filed an application for refund of income tax for years prior to 1970 based on a carryback of a claimed 1970 net operating loss and an unused investment credit for that year. The Commissioner determined that petitioners were not entitled to refunds and that there were deficiencies in petitioners’ income tax of $427,056.13 for 1968 and $66,440.13 for 1969. Additionally, the Commissioner in his answer, in the alternative, determined "increased deficiencies” in petitioners’ income tax in the amounts of $1,273,735.62 for 1968 and $3,005,060.32 for 1969.…
2Cases cited15 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Dalton v. BowersSupreme Court of the United States · 1932
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- W. W. Windle Company v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1977
- W. W. Windle Co. v. CommissionerUnited States Tax Court · 1976
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3Cited by3 opinions
- Hughes, Inc. v. CommissionerUnited States Tax Court · 1988
- Crow v. CommissionerUnited States Tax Court · 1982
- Hughes, Inc. v. CommissionerUnited States Tax Court · 1988