International Trading Co. v. Commissioner
United States Tax Court
From 1944 to 1957, petitioner owned a piece of lakefront property. The property was sold at a loss in 1957. Petitioner did not hold the property for use in its trade or business, or for the production of income, rather the property was held for the personal use of petitioner's stockholders. Held, petitioner cannot take a loss deduction under sec. 165, I.R.C. 1954, and thus is not entitled to a capital loss carryover for the years in issue.
1Opinion of the Court
International Trading Co., Petitioner v. Commissioner of Internal Revenue, Respondent
International Trading Co. v. Commissioner
Docket No. 4727-67
United States Tax Court
57 T.C. 455; 1971 U.S. Tax Ct. LEXIS 3;
December 28, 1971, Filed
Decision will be entered under Rule 50.
From 1944 to 1957, petitioner owned a piece of lakefront property. The property was sold at a loss in 1957. Petitioner did not hold the property for use in its trade or business, or for the production of income, rather the property was held for the personal use of petitioner's stockholders. Held, petitioner cannot take a loss…
Also in this document: Concurrence; Dissent · Drennen; Dissent · Tannenwald.
2Cases cited43 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. CliffordSupreme Court of the United States · 1940
- Church of the Holy Trinity v. United StatesSupreme Court of the United States · 1892
- Higgins v. SmithSupreme Court of the United States · 1940
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
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