Gutman v. Commissioner
United States Board of Tax Appeals
A loss sustained by petitioner in the year 1922 as a result of the liquidation of a corporation, stock of which he had purchased as an investment, was not a net loss from operation of a trade or business regularly carried on by him and the excess of the loss sustained in year 1922 over his income for that year was not a proper deduction under the provisions of section 204 of the Revenue Act of 1921, from his income for the calendar year 1923.
1Opinion of the Court
*501OPINION.
Milliken :
The only question presented is whether petitioner suffered in 1922 a “ net loss ” as that term is defined in section 204 of the Revenue Act of 1921. That section in part provides:
The term “ net loss ” means only net losses resulting from the operation of any trade or business regularly carried on by the taxpayer (including losses sustained from the sale or other disposition of real estate, machinery, and other capital assets, used in the conduct of such trade or business) ; * * *.
The petitioner’s ownership of his stock in the Vogue Company bears no semblance to a “trade or…
2Cited by5 opinions
- Atkins v. United StatesUnited States Court of Claims · 1936
- Elliott v. CommissionerUnited States Board of Tax Appeals · 1929
- Goldberg v. CommissionerUnited States Board of Tax Appeals · 1928
- Gutman v. CommissionerUnited States Board of Tax Appeals · 1927
- Jones v. CommissionerUnited States Board of Tax Appeals · 1930