MacHris v. Commissioner
United States Tax Court
Cost of Sale or Ordinary and Necessary Nonbusiness Expense -- Secs. 212, 1201, 1202, 1222, 1954 Code. -- Seller's share of cost of an annual estimate of oil reserves to determine selling price of stock was cost of sale of stock and not ordinary and necessary nonbusiness expense of seller.
1Opinion of the Court
OPINION.
MuRdock, Judge:
The Commissioner determined a deficiency of $661.33 in income tax of Bessie E. Machris for 1954. The facts have been submitted by a stipulation which is adopted as the findings of fact. The only issue for decision is whether $1,537.98 paid by Bessie in 1954 was deductible under section 212 as nonbusiness expenses rather than deductible as a long-term capital loss.
Bessie filed an individual income tax return for 1954 with the district director of internal revenue at Los Angeles, California. She used the cash method.
Bessie and two others owning stock of the Wilshire Oil…
2Cases cited6 opinions
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Heller v. CommissionerUnited States Tax Court · 1943
- Heller v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1945
- Naylor v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- Commissioner of Internal Revenue v. Arrowsmith Commissioner of Internal Revenue v. VivianCourt of Appeals for the Second Circuit · 1952
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Pridemark, Inc. v. CommissionerUnited States Tax Court · 1964
- Lanrao, Inc. v. United StatesCourt of Appeals for the Sixth Circuit · 1970
- Lanrao, Inc. v. United StatesDistrict Court, E.D. Tennessee · 1968
- MacHris v. CommissionerUnited States Tax Court · 1960
3 more not listed; retrieve them via the Exa API.