Legal Opinion
Commissioner of Internal Revenue v. McCarthy
Court of Appeals for the Seventh Circuit
Decided July 8, 1942No. 7898PublishedCited by 32 opinions
1Opinion of the Court
SPARKS, Circuit Judge.
The Commissioner challenges a decision of the Board of Tax Appeals permitting the taxpayer to deduct as a loss under § 23(e) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Code § 23(e), his investment in a parcel of real estate claimed to have been abandoned by him during that tax year.
The facts, as stated by the Board in its findings, were that the taxpayer, respondent, together with one John McCabe, purchased an unimproved corner lot in the year 1930. Respondent took title to the property. Of the purchase price of $41,-850, the taxpayer paid $17,850, and McCabe…
2Cases cited5 opinions
- Rhodes v. CommissionerCourt of Appeals for the Sixth Circuit · 1939
- Denman v. BrumbackCourt of Appeals for the Sixth Circuit · 1932
- Commissioner of Internal Revenue v. HoffmanCourt of Appeals for the Second Circuit · 1941
- Hoffman v. CommissionerUnited States Board of Tax Appeals · 1939
- Commissioner of Internal Revenue v. AbramsonCourt of Appeals for the Second Circuit · 1942
3Cited by32 opinions
- Louisiana Land & Exp. Co. v. Commissioner of Int. Rev.Court of Appeals for the Fifth Circuit · 1947
- Louisville & N. R. Co. v. CommissionerUnited States Tax Court · 1976
- Reporter Pub. Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1953
- Burke v. CommissionerUnited States Tax Court · 1959
- Stanley Burke v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
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