CLuck v. Commissioner
United States Tax Court
Deductions -- Net Operating Loss -- Termination of Part [ILLEGIBLE WORD] Business -- Sec. 122 (d) (5), I. R. C. 1939. -- The loss sustained on the sale of a herd of breeding cattle which had contracted Bang's disease was not a net operating loss "attributable to the operation of a trade or business regularly carried on" since breeding operations were thereby terminated.
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Deductions -- Net Operating Loss -- Termination of Part [ILLEGIBLE WORD] Business -- Sec. 122 (d) (5), I. R. C. 1939. -- The loss sustained on the sale of a herd of breeding cattle which had contracted Bang's disease was not a net operating loss "attributable to the operation of a trade or business regularly carried on" since breeding operations were thereby terminated. The loss sustained on the sale of a combine was a net operating loss since it did not result in any substantial diminution of the farming business in which it had been used and was made in the ordinary course of the operation…
1Opinion of the Court
OPINION.
Murdock, Judge:
The only dispute here is as to the amount of a net operating loss deduction of the petitioner for 1951 resulting from the carryback of a net operating loss for 1952. Secs. 23 and 122, I. E. C. 1939. A net operating loss for 1952 is the excess of the deductions allowed for that year over the gross income with the exceptions, additions, and limitations provided-in section 122 (d), which provides in paragraph (5) that “[deductions otherwise allowed by law not attributable to the operation of a trade or business regularly carried on by the taxpayer shall * * * be allowed…
2Cases cited16 opinions
- Dalton v. BowersSupreme Court of the United States · 1932
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
11 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Dyer v. United StatesDistrict Court, W.D. Kentucky · 1960
- CLuck v. CommissionerUnited States Tax Court · 1957
- Farmers Union Corp. v. CommissionerUnited States Tax Court · 1960
- Gene Cluck and Vivian Cluck v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958