McBride v. Commissioner (A)
United States Tax Court
In 1956, petitioner, a physician, inherited a building which he used as a combination office and residence until October 1961, when he moved his family from the building and, in consideration of services to be performed, rented the residential portion of the building to another physician until June 1962. In February 1963, the building was demolished and a new office building erected.
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In 1956, petitioner, a physician, inherited a building which he used as a combination office and residence until October 1961, when he moved his family from the building and, in consideration of services to be performed, rented the residential portion of the building to another physician until June 1962. In February 1963, the building was demolished and a new office building erected. Held, on the facts, in October 1961, petitioner entered into a transaction for profit as to the residential portion of the building and at that time did not intend to demolish it; loss deduction allowed under…
1Opinion of the Court
Featheeston, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for the calendar year 1963 in the amount of $1,327.57. Petitioners concede that they understated their professional income for that year in the amount of $5,565 but contend that they sustained'a deductible demolition loss in the amount of $13,288.75 and had certain ordinary and necessary expenses in connection with rental property which were not allowed as deductions. On this basis they allege they overpaid their taxes for 1963.
The questions presented are whether petitioners are entitled to deduct a loss…
2Cases cited13 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Chesbro v. CommissionerUnited States Tax Court · 1953
- Leslie v. CommissionerUnited States Tax Court · 1946
- Horrmann v. CommissionerUnited States Tax Court · 1951
- Campbell v. CommissionerUnited States Tax Court · 1945
8 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Canelo v. CommissionerUnited States Tax Court · 1969
- Gilman v. CommissionerUnited States Tax Court · 1979
- Clayton v. CommissionerUnited States Tax Court · 1981
- Cowles v. CommissionerUnited States Tax Court · 1970
- Forster Mfg. Co. v. CommissionerUnited States Tax Court · 1972
8 more not listed; retrieve them via the Exa API.