Greenleaf Textile Corp. v. Commissioner
United States Board of Tax Appeals
1. DEDUCTION - LOSS. Held, no deductible loss was sustained on asserted abandonment of real estate, where taxpayer held title throughout tax period and no identifiable event occurred therein by which the asserted loss became a closed transaction. A. J. Schwarzler Co.,3 B.T.A. 535, followed. Brumback v. Denman, 58 Fed.(2d) 128, distinguished. 2. Id. - INTEREST - TAXES.
Read the full summary
1. DEDUCTION - LOSS. Held, no deductible loss was sustained on asserted abandonment of real estate, where taxpayer held title throughout tax period and no identifiable event occurred therein by which the asserted loss became a closed transaction. A. J. Schwarzler Co.,3 B.T.A. 535, followed. Brumback v. Denman, 58 Fed.(2d) 128, distinguished. 2. Id. - INTEREST - TAXES. Interest on mortgage notes secured by the real estate and taxes paid thereon during the two preceding years allowed in computing net loss carried forward to taxable year in controversy.
1Opinion of the Court
*740OPINION.
Leech:
The Commissioner haying determined no deficiency for the fiscal year ended February 28, 1927, this proceeding is dismissed as to that year, for lack of jurisdiction. Cf. Southern Feed Co., 6 B. T. A. 736.
The asserted deficiency in controversy for the fiscal year ended February 29, 1928, resulted from the Commissioner’s disallowance of a deduction of $49,893.24 taken by petitioner as a loss realized in that year on real estate purchased in 1925. Section 23 (f) of the Revenue Act of 1928 and section 234 (a) (4) of the Revenue Act of 1926 provide that in computing net income there…
2Cases cited3 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
- Gulf Oil Corp. v. LewellynSupreme Court of the United States · 1918
3Cited by17 opinions
- Capitol Fed. Sav. & Loan Ass'n v. CommissionerUnited States Tax Court · 1991
- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Helvering v. GordonCourt of Appeals for the Fourth Circuit · 1943
- United States v. Sentinel Oil Co.Court of Appeals for the Ninth Circuit · 1940
- Krauss v. CommissionerUnited States Board of Tax Appeals · 1934
12 more not listed; retrieve them via the Exa API.