Gutman v. Commissioner
United States Tax Court
1. During the taxable year 1944 Theodore Gutman and George Goldberg were the members of a partnership which, since its formation following the dissolution in 1929 of a partnership of which they were then members, had been engaged in the same kind of operations as the dissolved partnership, namely, the general practice of law and the purchase and sale of real estate, real estate mortgages and interests therein.
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1. During the taxable year 1944 Theodore Gutman and George Goldberg were the members of a partnership which, since its formation following the dissolution in 1929 of a partnership of which they were then members, had been engaged in the same kind of operations as the dissolved partnership, namely, the general practice of law and the purchase and sale of real estate, real estate mortgages and interests therein. In 1944 they were also owners of interests in mortgages designated Harrison Avenue and Crotona Avenue. These mortgage interests had been acquired by them in 1941 upon dissolution of a…
1Opinion of the Court
OPINION.
TURNER, Judge:
Taking the position that at all times material from the formation of the new partnership through 1944, Gutman and Goldberg were in the business of buying and selling real estate, mortgages and interests in mortgages and that at all times during which they were the owners of interests in the Harrison Avenue and Crotona Avenue mortgages they held such interests primarily for sale to customers in the ordinary course of their real estate and mortgage business, the petitioners contend that the respondent erred in disallowing the deductions taken as losses on account of such…
2Cases cited4 opinions
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Hale v. HelveringCourt of Appeals for the D.C. Circuit · 1936
- Cluett v. CommissionerUnited States Tax Court · 1947
- Koehn v. CommissionerUnited States Tax Court · 1951
3Cited by1 opinion
- Gutman v. CommissionerUnited States Tax Court · 1952