Independent Brick Co. v. Commissioner
United States Board of Tax Appeals
1. Loss sustained in 1919 from the disposition of capital assets which were acquired for use in petitioner's regular business and which were disposed of during the continuation of this business and not in suspension thereof, held to be a loss sustained in the operation of a business and, therefore, to be included as a part of petitioner's "net loss" for 1919. 2. It does not necessarily follow, from the mere fact that the foregoing assets were not used during the period when…
Read the full summary
1. Loss sustained in 1919 from the disposition of capital assets which were acquired for use in petitioner's regular business and which were disposed of during the continuation of this business and not in suspension thereof, held to be a loss sustained in the operation of a business and, therefore, to be included as a part of petitioner's "net loss" for 1919. 2. It does not necessarily follow, from the mere fact that the foregoing assets were not used during the period when held, that no depreciation was sustained thereon during this period.
1Opinion of the Court
*867OPINION.
Littleton:
Petitioner claims a loss of $18,878.25 was sustained in the year 1920. The Commissioner allowed it for the year 1919, but deducted depreciation. All but a small portion of the plant and equipment had been disposed of by the last of November, 1919. The amount realized from this sale was $2,619.99 less than the amount which, if realized, was to go exclusively to the Cable Excavator Co. Although a few odds and ends remained the disposition of them did not reducé the amount of the loss and apparently it was known in 1919 that it would not. Petitioner, after November 25, 1919,…
2Cited by3 opinions
- Kittredge v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1937
- Yellow Cab Co. of Pittsburgh v. DriscollDistrict Court, W.D. Pennsylvania · 1938
- Independent Brick Co. v. CommissionerUnited States Board of Tax Appeals · 1928