Gordon v. Commissioner
United States Board of Tax Appeals
Petitioner is entitled to deduct any loss sustained in 1923 in the sale of residential property constructed by him in 1906-1907 to sell at a profit.
1Opinion of the Court
*1192OPINION.
Morris:
Section 214 of the Revenue Act of 1921 provides, among other things, that an individual shall be allowed deductions in the *1193computation of net income for “ losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in trade or business ”; and also “ losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit, though not connected with the trade or business.”
As to the deductibility of the amount of the loss sustained in the computation of his net…
2Cases cited1 opinion
- Heiner v. TindleSupreme Court of the United States · 1928
3Cited by12 opinions
- Jefferson v. CommissionerUnited States Tax Court · 1968
- Austin v. CommissionerUnited States Tax Court · 1960
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934
- Hyatt v. CommissionerUnited States Tax Court · 1961
- Austin v. CommissionerUnited States Tax Court · 1960
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