COLLIMS v. COMMISSIONER
United States Board of Tax Appeals
1. From the evidence, held that the gain or loss derived from the sale of an automobile should be recomputed. 2. Held that petitioner is entitled to a deduction in 1924 on account of stock becoming wholly worthless in that year.
1Opinion of the Court
*212OPINION.
Black: The petitioner alleges that the respondent erred in refusing to allow an alleged loss of $1,000 on the sale of an automobile. On his income-tax return for the year in question petitioner reported a profit of $50 from the sale of the automobile, computed as follows:
Cost-$3,600
Depreciation previously allowed_ 2, 400
1,200
Selling price- 1,250
Profit_ 50
On the same return petitioner also claimed a deduction of $1,000 from gross income which he explained as “ used Marmon touring car in business, therefore the $1,000 deduction.” It is evident that the $1,000 deducted from gross income…
2Cases cited1 opinion
- Chaffin v. CummingsSupreme Judicial Court of Maine · 1853
3Cited by3 opinions
- G. E. Employees Securities Corp. v. ManningDistrict Court, D. New Jersey · 1941
- COLLIMS v. COMMISSIONERUnited States Board of Tax Appeals · 1930
- Richards v. CommissionerUnited States Tax Court · 1943