Lansburgh & Bro., Inc. v. Commissioner
United States Board of Tax Appeals
Where a taxpayer buys real estate upon which is located a building which he proceeds to raze within a short time thereafter with a view to erecting thereon another building, he has not sustained a deductible loss by reason of the demolition of the old building.
1Opinion of the Court
*69OPINION.
Smith:
Section 234 (a) of the Revenue Act of 1924 provides in part:
In computing tlie net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions:
* * * * * * *(4) Losses sustained during the taxable year and not compensated for by insurance or otherwise. * * *
Article 142 of Regulations 65, promulgated under the provisions of the Revenue Act of 1924, provides in part:
* ⅜ * When a taxpayer buys real estate upon which is located a building, which he proceeds to raze with a view to erecting thereon another building, it will be considered that…
2Cited by5 opinions
- Providence Journal Co. v. BroderickCourt of Appeals for the First Circuit · 1939
- Bro-Jeff Theatres, Inc. v. CommissionerUnited States Tax Court · 1945
- Burwig v. CommissionerUnited States Tax Court · 1953
- Lansburgh & Bro., Inc. v. CommissionerUnited States Board of Tax Appeals · 1931
- Montgomery Co. v. CommissionerUnited States Tax Court · 1963