Baruch v. Commissioner
United States Tax Court
1. Since 1917 petitioner has owned a livestock and produce farm in Virginia. From the time of the purchase of this farm up to the time of its sale in 1942, petitioner operated the farm as a business regularly carried on by him.
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1. Since 1917 petitioner has owned a livestock and produce farm in Virginia. From the time of the purchase of this farm up to the time of its sale in 1942, petitioner operated the farm as a business regularly carried on by him. Petitioner had a net loss of $ 61,163.33 on the sale of the farm in 1942. The Commissioner allowed the loss in the computation of petitioner's net income for that year, but disallowed the remainder of such net loss as a carry-over to the years 1943 and 1944. Held, the loss which petitioner incurred in the sale of his farm in 1942 was not a loss attributable to the…
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner has determined deficiencies in petitioner’s income tax of $4,430.58 for*1943 and $12,249.84 for 1944. The petitioner alleges that the Commissioner erred in his determination of these deficiencies by:(a) The disallowance of a net operating loss deduction in the amount of $43,565.76 for the calendar year 1943, attributable to a net operating loss carryover resulting from a net operating loss for the calendar year 1942; or in the alternative by failing to allow said deduction to the extent of the gross income as alleged in paragraph 5 (c) hereof.(b) The…
2Cases cited1 opinion
- Sic v. CommissionerUnited States Tax Court · 1948
3Cited by30 opinions
- Cloes v. CommissionerUnited States Tax Court · 1982
- Hall Chevrolet Co., Inc. v. Dept. of RevenueWisconsin Supreme Court · 1978
- Appleby v. United StatesUnited States Court of Claims · 1953
- Guggenheimer v. CommissionerUnited States Tax Court · 1952
- Mrs. Walter Lane Smith v. United StatesCourt of Appeals for the Sixth Circuit · 1950
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