Hamrick v. Commissioner
United States Tax Court
(1) P, a 41-percent shareholder in a family corporation, sustained a loss upon the foreclosure and sale of a one-half interest in property that was being farmed by such corporation and that she had mortgaged to secure loans for the corporation. Held, such loss resulted from a nonbusiness debt becoming worthless during the year.
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(1) P, a 41-percent shareholder in a family corporation, sustained a loss upon the foreclosure and sale of a one-half interest in property that was being farmed by such corporation and that she had mortgaged to secure loans for the corporation. Held, such loss resulted from a nonbusiness debt becoming worthless during the year. (2) Since P acquired the property by gift, both parties agreed that P's basis in the property equaled its fair market value on Dec. 7, 1920. Held, such value determined.
1Opinion of the Court
J. NAT and JENICE HAMRICK, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Hamrick v. Commissioner
Docket No. 7250-75.
United States Tax Court
T.C. Memo 1979-72; 1979 Tax Ct. Memo LEXIS 454; 38 T.C.M. (CCH) 305; T.C.M. (RIA) 79072;
March 5, 1979, Filed(1) P, a 41-percent shareholder in a family corporation, sustained a loss upon the foreclosure and sale of a one-half interest in property that was being farmed by such corporation and that she had mortgaged to secure loans for the corporation. Held, such loss resulted from a nonbusiness debt becoming worthless during the year.(2) Since P…
2Cases cited19 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Burnet v. ClarkSupreme Court of the United States · 1932
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