Wisconsin Electric Power Co. v. Commissioner
United States Tax Court
Gain or Loss -- Sale -- Year. -- A loss is deductible in the year when right-of-way lands leased to an electric railway operator were the subject of a bona fide sale which definitely fixed the loss of the seller and the amount of it.
1Opinion of the Court
OPINION.
MuRdock, Judge:
The Commissioner concedes that the petitioner eventually realized a loss on the disposition of its right-of-way lands through the chain of events which started with the “transaction” in 1942 and he does not question the amount of the loss. His contention is that there was no sale in 1942 and the “transaction * * * was not such a definite and conclusive event as to give rise to a deductible loss in 1942.”
The two sales made by the petitioner in 1942 were, perhaps, unusual in some respect but they were bona fide sales made at arm’s length between unrelated parties. Title…
2Cases cited3 opinions
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Shoenberg v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1935
- Commissioner of Internal Revenue v. DashiellCourt of Appeals for the Seventh Circuit · 1938
3Cited by8 opinions
- Penn-Dixie Steel Corp. v. CommissionerUnited States Tax Court · 1978
- Herbert J. Investment Corporation v. United StatesDistrict Court, E.D. Wisconsin · 1973
- I. J. And Ilene J. Wagner v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1975
- Apex Corp. v. CommissionerUnited States Tax Court · 1964
- Apex Corp. v. CommissionerUnited States Tax Court · 1964
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