Legal Opinion
Smith & Welton, Inc. v. United States
District Court, E.D. Virginia
Decided August 8, 1958No. Civ. A. 2374PublishedCited by 26 opinions
1Opinion of the Court
WALTER E. HOFFMAN, District Judge.
The issue in this case is whether a department store’s loss on the sale of common stock of one of its suppliers is a deductible business expense or a capital loss under the circumstances presented.
Plaintiff has for many years operated a substantial retail department store in the main business district of Norfolk, Virginia. Since 1951 it has also operated a branch at Virginia Beach, and, shortly thereafter, opened a branch in the Ward’s Corner area of Norfolk — a section of the city which has become increasingly popular with suburban shoppers. For a long…
2Cases cited14 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner of Internal Revenue v. The Bagley & Sewall Co.Court of Appeals for the Second Circuit · 1955
- Western Wine & Liquor Co. v. CommissionerUnited States Tax Court · 1952
9 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Byerlite Corporation v. Parker C. Williams, District Director of Internal Revenue, Eighteenth District of OhioCourt of Appeals for the Sixth Circuit · 1960
- Booth Newspapers, Inc. v. The United States. The Evening News Association v. The United StatesUnited States Court of Claims · 1962
- Steadman v. Comm'rUnited States Tax Court · 1968
- Electrical Fittings Corp. v. CommissionerUnited States Tax Court · 1960
- John J. Grier Co., a Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1964
21 more not listed; retrieve them via the Exa API.