Wright v. Commissioner
United States Tax Court
Capital Asset -- Real Property Used in Trade or Business. -- Land left after rented house was destroyed by hurricane does not lose its character as property used in business (renting) where promptly sold in minimizing loss.
1Opinion of the Court
OPINION
Mukdock, Judge-.
The Commissioner determined a deficiency of $3,880.82 in income tax for 1943. The only issue for decision is whether a loss sustained from the sale of land was an ordinary loss or a capital loss. It was submitted upon stipulated facts.
The petitioner, an individual, filed his return with the . collector of internal revenue for the second district of New York. He was president of a substantial manufacturing company in New York City and devoted a small portion of his time to real estate activities consisting of the renting of two summer cottages in or near Westhampton…
2Cases cited2 opinions
- Hazard v. CommissionerUnited States Tax Court · 1946
- Jamison v. CommissionerUnited States Tax Court · 1947
3Cited by37 opinions
- Carter-Colton Cigar Co. v. CommissionerUnited States Tax Court · 1947
- Hopkins v. CommissionerUnited States Tax Court · 1950
- Crawford v. CommissionerUnited States Tax Court · 1951
- Graves Bros. Co. v. CommissionerUnited States Tax Court · 1952
- Assmann v. CommissionerUnited States Tax Court · 1951
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