Sic v. Commissioner
United States Tax Court
In 1942, petitioner sustained a loss from the sale of part of the unimproved land on which he "regularly carried on" the business of farming. Held, that such loss is not attributable to the operation of that business. The loss which can be carried over is limited to the extent provided in section 122 (d) (5) of the Internal Revenue Code.
1Opinion of the Court
OPINION.
Leech, Judge:
Respondent has determined a deficiency in income tax for the calendar year 1943 in the amount of $1,793.67. The question presented is whether the petitioner, as the result of the sale of a part of his farm property in 1942, incurred a net operating loss “attributable to the operation of a trade or business regularly carried on” by him within section 122 (d) (5) of the Internal Revenue Code. The proceeding was submitted upon a stipülation of facts, reading as follows:
1. The petitioner is an individual, a retired farmer, with residence at 1729 North Colson Avenue, Fremont,…
2Cases cited1 opinion
- Dalton v. BowersSupreme Court of the United States · 1932
3Cited by51 opinions
- Campbell v. CommissionerUnited States Tax Court · 1948
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Baruch v. CommissionerUnited States Tax Court · 1948
- Luton v. CommissionerUnited States Tax Court · 1952
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