Lopo v. Commissioner
United States Tax Court
1. The taxpayer was a joint venturer and expended certain amounts toward the furtherance of the venture. Held, the sums so expended were not deductible business expenses but were contributions to the capital of the joint venture. 2. The taxpayer sought to deduct the loss suffered on the joint venture in the year in which the joint venture terminated due to friction between the co-ventures.
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1. The taxpayer was a joint venturer and expended certain amounts toward the furtherance of the venture. Held, the sums so expended were not deductible business expenses but were contributions to the capital of the joint venture. 2. The taxpayer sought to deduct the loss suffered on the joint venture in the year in which the joint venture terminated due to friction between the co-ventures. Shortly thereafter the taxpayer filed a suit against his co-venturer which, if successfully prosecuted, would have at least made the taxpayer whole (with no gain or loss). Held, the loss was not finally…
1Opinion of the Court
George J. Lopo and Helen B. Lopo v. Commissioner.
Lopo v. Commissioner
Docket No. 71134.
United States Tax Court
T.C. Memo 1961-126; 1961 Tax Ct. Memo LEXIS 223; 20 T.C.M. (CCH) 620; T.C.M. (RIA) 61126;
May 8, 1961
1. The taxpayer was a joint venturer and expended certain amounts toward the furtherance of the venture. Held, the sums so expended were not deductible business expenses but were contributions to the capital of the joint venture.
2. The taxpayer sought to deduct the loss suffered on the joint venture in the year in which the joint venture terminated due to friction between the…
2Cases cited8 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Beck Chemical Equipment Corp. v. CommissionerUnited States Tax Court · 1957
- Estate of Scofield v. CommissionerUnited States Tax Court · 1956
- Licht v. CommissionerUnited States Board of Tax Appeals · 1938
- Birdsboro Steel Foundry & MacHine Co. v. United StatesUnited States Court of Claims · 1933
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Mack v. Comm'rUnited States Tax Court · 2016