Knapp v. Commissioner
United States Tax Court
Where freeze kills trees in citrus orchards used in trade or business and decreases value of land due to presence of dead trees, held: 1. Land and trees are not to be considered as an integral unit in determining deductible loss under Internal Revenue Code (1939), section 23 (e). 2. The amount of loss deductible under Internal Revenue Code (1939), section 23 (e), with respect to the trees and the land considered separately is equal to that part of the adjusted basis of each…
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Where freeze kills trees in citrus orchards used in trade or business and decreases value of land due to presence of dead trees, held: 1. Land and trees are not to be considered as an integral unit in determining deductible loss under Internal Revenue Code (1939), section 23 (e). 2. The amount of loss deductible under Internal Revenue Code (1939), section 23 (e), with respect to the trees and the land considered separately is equal to that part of the adjusted basis of each which is proportionate to the amount of actual loss to each. 3. Amount of deductible loss attributable to land and trees…
1Opinion of the Court
OPINION.
Fishes, Judge:
All of the facts are stipulated and are incorporated herein by reference.
Petitioners Frederick M. Knapp, Gilson Knapp, F. E. Knapp, George Parker Knapp, and John A. Knapp are members of the partnership styled F. E. and J. A. Knapp, each being the owner of a 20 per cent interest in the partnership. The petitioners Edith Knapp, Ida Knapp, Bessie Knapp, Mavis Knapp, and Olga Knapp are the wives of the respective partners and are involved herein by reason of their community interest in the partnership income under the law of the State of Texas.
Prior to 1949, the partnership…
2Cases cited4 opinions
- United States v. KoshlandCourt of Appeals for the Ninth Circuit · 1954
- Buttram v. JonesDistrict Court, W.D. Oklahoma · 1943
- Whipple v. United StatesDistrict Court, D. Massachusetts · 1928
- Ferguson v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1932
3Cited by21 opinions
- Squirt Co. v. CommissionerUnited States Tax Court · 1969
- Alcoma Association, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1956
- Carloate Industries, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1966
- Rosenthal v. CommissionerUnited States Tax Court · 1967
- Westvaco Corp. v. United StatesUnited States Court of Claims · 1980
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