Crane v. Commissioner
United States Board of Tax Appeals
Losses sustained by petitioner in the year 1921 on a loan and sales of stock, were incurred in a business regularly carried on by him and may be used in computing a net loss under section 204 of the Revenue Act of 1921.
1Opinion of the Court
*721OPINION.
AkuNdell :
Section 204 (a) of the Revenue Act of 1921 defines the term “ net loss ” as one resulting from the operation of a trade or business regularly carried on by the taxpayer. We have held that it is not necessary that the loss result solely from the carrying on of a taxpayer’s principal business, but it is sufficient if the loss results from the operation of any business if that business be one regularly carried on by the taxpayer. Oscar K. Eysenbach, 10 B. T. A. 716, and E. M. Elliott, 15 B. T. A. 494.
In Flint v. Stone Tracy Co., 220 U. S. 107, the court adopted with approval…
2Cases cited3 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- The Parker Mills v. . the Commissioners of TaxesNew York Court of Appeals · 1861
3Cited by4 opinions
- Anthony v. CommissionerUnited States Board of Tax Appeals · 1930
- Crane v. CommissionerUnited States Board of Tax Appeals · 1929
- Dickinson v. Comm'rUnited States Tax Court · 1945
- Jones v. CommissionerUnited States Board of Tax Appeals · 1930