Goodman v. Commissioner
United States Board of Tax Appeals
Real estate purchased for subdivision and sale in lots, but inactively held for nine years and then transferred to the mortgagee in consideration of $960 and cancellation of the mortgage notes, held, within section 117(b), Revenue Act of 1934, "primarily for sale to customers in the ordinary course of taxpayer's trade or business", and loss consequent upon such transfer held deductible as an ordinary loss.
1Opinion of the Court
*24OPINION.
SteRnhagen :
The petitioners, upon the theory that their partnership had sustained a loss, each deducted a distributive share of the loss upon his individual return. The Commissioner determined a deficiency as to each, saying:
You reported a less of $42,036.89 as your pro rata share from the Goodman and Harrison partnership. As the result of an investigation of the boohs and records of the partnership, it has been determined that your share of the taxable income from the partnership is $703.46 [$703.47].
He thus adopted the partnership theory but disallowed the proportionate losses of…
2Cited by11 opinions
- Freeland v. CommissionerUnited States Tax Court · 1966
- Ambassador, Inc. v. CommissionerUnited States Tax Court · 1952
- DunwoodyUnited States Tax Court · 1992
- Factoria Land Co. v. CommissionerUnited States Tax Court · 1947
- Frederick Smith Enterprise Co. v. CommissionerUnited States Tax Court · 1947
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