Black v. Commissioner
United States Board of Tax Appeals
1. Petitioner for a good many years has been a real estate dealer and trader and developer. Several years prior to the taxable years in question he acquired in a trade a one-half interest in a building situated in Atlanta, Georgia. He acquired his interest in the building primarily for sale in the course of his business and not to hold as an investment. The building was leased for a good rental when acquired and petitioner thought it would be readily salable.
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1. Petitioner for a good many years has been a real estate dealer and trader and developer. Several years prior to the taxable years in question he acquired in a trade a one-half interest in a building situated in Atlanta, Georgia. He acquired his interest in the building primarily for sale in the course of his business and not to hold as an investment. The building was leased for a good rental when acquired and petitioner thought it would be readily salable. Later the lessee became insolvent and the building was left vacant and petitioner was unable to sell it. In 1936 the owner of the first…
1Opinion of the Court
*207OPINION.
Black:
Two questions are presented for decision by the issues raised in the pleadings: (1) Whether the loss sustained by petitioner upon the foreclosure of the first mortgage and sale of the Franklin Building in 1936 was an ordinary business loss deductible in full, or whether it was a capital loss and limited in the amount deductible as determined by the respondent; (2) whether amounts expended in 1937 and 1938 in connection with the second and third mortgages on the Franklin Building, which were assumed by petitioner, were losses deductible in those years.
*208In his deficiency notices…
2Cases cited4 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
- Eckert v. BurnetSupreme Court of the United States · 1931
- Helvering v. PriceSupreme Court of the United States · 1940
- Burnet v. HuffSupreme Court of the United States · 1933
3Cited by20 opinions
- Foran v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
- Pointer v. CommissionerUnited States Tax Court · 1967
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Goodman v. United States.United States Court of Claims · 1968
- Ambassador, Inc. v. CommissionerUnited States Tax Court · 1952
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