Schwarcz v. Commissioner
United States Tax Court
Petitioner was a Hungarian national until he became a citizen of the United States in 1948. He first came to this country in 1939 and during the years 1942, 1943, and 1944 he was a resident alien in the United States. He owned property in Hungary on June 5, 1942, when the United States declared war on Hungary.
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Petitioner was a Hungarian national until he became a citizen of the United States in 1948. He first came to this country in 1939 and during the years 1942, 1943, and 1944 he was a resident alien in the United States. He owned property in Hungary on June 5, 1942, when the United States declared war on Hungary. Held: 1. Petitioner suffered war losses in 1942 within the meaning of section 127 of the Internal Revenue Code of 1939. 2. Certain of the war losses were attributable to petitioner's business of operating apartment houses or petitioner's individual jewelry business. Respondent was in…
1Opinion of the Court
OPINION.
ARundell, Judge:
The basic question in this case is whether and to what extent petitioner is entitled to a net operating loss deduction for the fiscal year ended September 30,1944.
Petitioner contends that by reason of war losses sustained in the fiscal year 1942 he had a net operating loss for that year, a part of which he seeks to carry forward to his fiscal year 1944.
Eespondent disallowed the losses carried forward in their entirety and relies on several alternative grounds in support of his action. It is respondent’s initial contention that as a matter of law, war losses within the…
2Cases cited13 opinions
- Hazard v. CommissionerUnited States Tax Court · 1946
- Lagreide v. CommissionerUnited States Tax Court · 1954
- Fackler v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- Industrial Commission v. HammondSupreme Court of Colorado · 1925
- Campbell v. CommissionerUnited States Tax Court · 1945
8 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Curphey v. CommissionerUnited States Tax Court · 1980
- Lorenzo Alvary v. United StatesCourt of Appeals for the Second Circuit · 1962
- Elek v. CommissionerUnited States Tax Court · 1958
- Post v. CommissionerUnited States Tax Court · 1956
- Wyman v. United StatesUnited States Court of Claims · 1958
11 more not listed; retrieve them via the Exa API.