Elek v. Commissioner
United States Tax Court
The petitioner, a Hungarian, was employed as an economist in Budapest. In 1942 he purchased an apartment building there for 460,000 pengos. He managed this property until 1948, when he left Hungary and appointed his father to manage it as agent. The petitioner came to the United States and is now a citizen. In 1952 the Hungarian Government by decree nationalized various properties owned by "capitalists" and certain other persons, including this property.
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The petitioner, a Hungarian, was employed as an economist in Budapest. In 1942 he purchased an apartment building there for 460,000 pengos. He managed this property until 1948, when he left Hungary and appointed his father to manage it as agent. The petitioner came to the United States and is now a citizen. In 1952 the Hungarian Government by decree nationalized various properties owned by "capitalists" and certain other persons, including this property. Held, as owner of the rental property the petitioner was engaged in a trade or business and by the nationalization he sustained a net…
1Opinion of the Court
Tietjens, Judge:
The respondent determined deficiencies in income tax of 83 cents for 1953 and $496 for 1954. The sole issue is whether the petitioner is entitled to a net operating loss carryover deduction for these years based upon a loss sustained in 1952 due to nationalization by the Hungarian Government of rental property of the petitioner.
Some facts are stipulated.
FINDINGS OF FACT.
The petitioner’s return for 1953 was filed with the district director of internal revenue at Philadelphia; his return for 1954 with the district director of internal revenue, Upper Manhattan, New York.
The…
2Cases cited6 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Bonwit Teller & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1931
- McIlhenny v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1930
- Gilford v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1953
- Elli Reiner v. United StatesCourt of Appeals for the Seventh Circuit · 1955
1 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Curphey v. CommissionerUnited States Tax Court · 1980
- Lorenzo Alvary v. United StatesCourt of Appeals for the Second Circuit · 1962
- Estate of Parshelsky v. CommissionerCourt of Appeals for the Second Circuit · 1962
- Colish v. CommissionerUnited States Tax Court · 1967
- Miller v. CommissionerUnited States Tax Court · 1985
26 more not listed; retrieve them via the Exa API.