Cavedon v. Commissioner
United States Board of Tax Appeals
Held, that losses sustained by the petitioner in 1927 and 1928 as guarantor of obligations of two corporations, from loans made to one corporation, from his investment in the second mortgage of one corporation, and by virtue of the fact that the stock he held in one corporation became worthless, did not result in net losses within the meaning of section 117 of the Revenue Act of 1928, since they were not attributable to the operation of a trade or business regularly carried…
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Held, that losses sustained by the petitioner in 1927 and 1928 as guarantor of obligations of two corporations, from loans made to one corporation, from his investment in the second mortgage of one corporation, and by virtue of the fact that the stock he held in one corporation became worthless, did not result in net losses within the meaning of section 117 of the Revenue Act of 1928, since they were not attributable to the operation of a trade or business regularly carried on by the petitioner, notwithstanding that he was an officer, director, and dominant factor in these and other…
1Opinion of the Court
JOSEPH CAVEDON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cavedon v. Commissioner
Docket No. 62278.
United States Board of Tax Appeals
30 B.T.A. 364; 1934 BTA LEXIS 1339;
April 12, 1934, Promulgated
Held, that losses sustained by the petitioner in 1927 and 1928 as guarantor of obligations of two corporations, from loans made to one corporation, from his investment in the second mortgage of one corporation, and by virtue of the fact that the stock he held in one corporation became worthless, did not result in net losses within the meaning of section 117 of the Revenue Act of 1928,…
2Cases cited7 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Dalton v. BowersSupreme Court of the United States · 1932
- Security First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1933
- Powell v. CommissionerUnited States Board of Tax Appeals · 1932
- Rhinelander v. CommissionerUnited States Board of Tax Appeals · 1934
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