Marx v. Commissioner
United States Tax Court
Loss on sale of inherited yacht, held on facts, sustained in a transaction entered into for profit and deductible as such.
1Opinion of the Court
OPINION.
Opper, Judge:
By this proceeding petitioner challenges respondent’s determination of a deficiency of $702.20 in her income tax for the year 1939. The only item contested involves the deduction of a loss of $3,304.50 claimed on the sale of a yacht.
All of the facts are stipulated and are hereby found accordingly. They may be summarized as follows:
Petitioner filed her income tax return for the year 1939 with the collector of internal revenue for the third district of New York.
Under the will of her husband, Lawrence Marx, who died testate May 2,1938, petitioner had a yacht bequeathed to…
2Cited by22 opinions
- Campbell v. CommissionerUnited States Tax Court · 1945
- Hopkins v. CommissionerUnited States Tax Court · 1950
- Crawford v. CommissionerUnited States Tax Court · 1951
- McBride v. Commissioner (A)United States Tax Court · 1968
- Assmann v. CommissionerUnited States Tax Court · 1951
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