Krauss v. Commissioner
United States Board of Tax Appeals
The sale of real estate for taxes in Florida does not divest the owner of the title as long as the right of redemption exists and does not constitute abandonment, nor is it such an event as to give rise to a deductible loss.
1Opinion of the Court
*65OPINION.
TRAmmell:
It is the contention of the petitioner that the real estate in controversy became wholly worthless in 1930 and that he is entitled to a deduction of the cost thereof in that year. The respondent contends that no deduction is allowable with respect to real estate so long as the taxpayer holds title thereto, at least in the absence of some identifiable event which would create.a closed transaction giving rise to gain or loss.
The petitioner asks the Board to reverse itself in a-long line of decisions, beginning with A. J. Schwarzler Co., 3 B.T.A. 535, and relies upon the…
2Cases cited7 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Townsend Burns Ridgeway v. PeacockSupreme Court of Florida · 1930
- Greenleaf Textile Corp. v. CommissionerUnited States Board of Tax Appeals · 1932
- A. J. Schwarzler Co. v. CommissionerUnited States Board of Tax Appeals · 1926
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Commissioner of Internal Revenue v. PetermanCourt of Appeals for the Ninth Circuit · 1941
- In re Sentinel Oil Co.District Court, S.D. California · 1939
- Bickerstaff v. CommissionerUnited States Board of Tax Appeals · 1941
- Commissioner of Internal Revenue v. PetermanCourt of Appeals for the Ninth Circuit · 1941
- Derby Realty Corp. v. CommissionerUnited States Board of Tax Appeals · 1937
5 more not listed; retrieve them via the Exa API.