Jamison v. Commissioner
United States Tax Court
1. A taxpayer prior to 1930 purchased lots which he unsuccessfully listed for sale with brokers. The locations did not develop commercially and, after failure to pay taxes assessed against them, he offered to convey them to the municipality in 1942-1943, and executed deeds of conveyance submitted to him by municipal officers. He received no consideration.
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1. A taxpayer prior to 1930 purchased lots which he unsuccessfully listed for sale with brokers. The locations did not develop commercially and, after failure to pay taxes assessed against them, he offered to convey them to the municipality in 1942-1943, and executed deeds of conveyance submitted to him by municipal officers. He received no consideration. The conveyances are held to constitute abandonments, not sales or exchanges, and resulting losses are hence not subject to the deduction limitations of section 117 (d) (2), Internal Revenue Code. 2. A dwelling which the taxpayer used in his…
1Opinion of the Court
OPINION.
Johnson, Judge’.
Issue No. 1. — In computing petitioner’s taxable income, the Commissioner disallowed the deduction of $7,300 claimed for 1912 as a loss sustained by the abandonment of 3 lots in Brigantine, New Jersey, and the deduction of $3,000 claimed for 1943 as a loss sustained by the abandonment of 31 lots near Morehead, North Carolina. Respondent does not dispute the amounts of the losses claimed and that petitioner deeded the lots to the respective states in order to avoid payment of taxes, as the evidence establishes. But he contends that these losses are capital in nature,…
2Cases cited8 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Helvering v. HammelSupreme Court of the United States · 1941
- Hazard v. CommissionerUnited States Tax Court · 1946
- Mallinckrodt v. CommissionerUnited States Tax Court · 1943
- Electro-Chemical Engraving Co. v. CommissionerSupreme Court of the United States · 1941
3 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Curphey v. CommissionerUnited States Tax Court · 1980
- Fox v. CommissionerUnited States Tax Court · 1974
- Freeland v. CommissionerUnited States Tax Court · 1980
- Wright v. CommissionerUnited States Tax Court · 1947
- Clinton L. Whittemore, Jr., and Anne W. Whittemore v. United StatesCourt of Appeals for the Eighth Circuit · 1967
17 more not listed; retrieve them via the Exa API.