Legal Opinion
Ewing v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided May 28, 1954No. 185, Docket 22934PublishedCited by 47 opinions
1Opinion of the Court
AUGUSTUS N. HAND, Circuit Judge.
The issue presented to us on appeal is whether certain “losses” suffered by the taxpayer were losses incurred in a “transaction entered into for profit” and therefore deductible under Section 23(e)(2) of the Internal Revenue Code. 1 More specifically, the taxpayer seeks to deduct losses incurred from 1941 to 1943 on loans made to the Ballet Theatre, Inc., which became uncollectible.
The Tax Court held that in order to qualify for the deduction it must be shown that the transaction was entered into primarily for profit. Finding that the taxpayer’s primary concern…
2Cases cited3 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Fox v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
- Feine v. McGowan Collector of Internal RevenueCourt of Appeals for the Second Circuit · 1951
3Cited by47 opinions
- Margit Sigray Bessenyey v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1967
- Beck Chemical Equipment Corp. v. CommissionerUnited States Tax Court · 1957
- Ewing v. CommissionerUnited States Tax Court · 1988
- 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
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