Legal Opinion
James E. Austin and Elizabeth G. Austin v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided January 19, 1962No. 26908_1PublishedCited by 56 opinions
1Opinion of the Court
PI AYS, Circuit Judge.
This is a petition for review of a decision of the Tax Court determining a deficiency in income tax for the year 1955. The Tax Court, sustaining a ruling of the Commissioner, held that a loss incurred by petitioners on the sale of real property was not deductible as a loss incurred in a trade or business or in a transaction entered into for profit, within the meaning of § 165 of the Internal 'Revenue Code of 1954 (26 U.S.C.A. § 165). 1
The Tax Court found that the property involved “was purchased by petitioners primarily for a residence and secondarily to make a profit.”…
2Cases cited10 opinions
- United States v. United States Gypsum Co.Supreme Court of the United States · 1948
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Ewing v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Fox v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
5 more not listed; retrieve them via the Exa API.
3Cited by56 opinions
- United States v. GeneresSupreme Court of the United States · 1972
- The State of New York v. The Nuclear Regulatory CommissionCourt of Appeals for the Second Circuit · 1977
- Fox v. CommissionerUnited States Tax Court · 1984
- Corliss Lamont and Margaret I. Lamont v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- David Dewees and Anne Dewees v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1989
51 more not listed; retrieve them via the Exa API.