Darling v. Commissioner
United States Board of Tax Appeals
A loss sustained in 1918 may not be deducted from gross income in 1924, notwithstanding the fact that petitioner was unwisely advised by a revenue agent, as well as by others, that he was not entitled to the deduction for 1918.
1Opinion of the Court
*338OPINION.
Love :
That petitioner suffered a loss in the full amount of $40,000 may be conceded, as there is ample evidence to substantiate that fact.
*339The pertinent statute involved here is section 214 (a) (5) of the Revenue Act of 1924 (this deal not being connected with the trade or business of petitioner) which section provides as follows:
Sec. 214. (a) In computing net income there shall be allowed as deductions:
⅝ ⅜: ⅝ ⅜ ⅜ sfc ⅜(5) Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit, though not…
2Cited by14 opinions
- Schwalbach v. CommissionerUnited States Tax Court · 1998
- Kirby v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1939
- Fortugno v. CommissionerUnited States Tax Court · 1963
- Steines v. CommissionerUnited States Tax Court · 1991
- Bagnell v. CommissionerUnited States Tax Court · 1993
9 more not listed; retrieve them via the Exa API.