Kittle v. Commissioner
United States Tax Court
1. Petitioner held engaged in regularly carrying on a trade or business, and a net loss of $ 14,032.34 realized by him in the calendar year 1947 was attributable to the operation of such business and subject to be carried back to the calendar year 1945 under sections 23 (s) and 122, Internal Revenue Code. 2. Amounts received by petitioner in 1947 as payments under a lease of iron ore lands represented royalties payable upon production and not amounts received for the sale of…
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1. Petitioner held engaged in regularly carrying on a trade or business, and a net loss of $ 14,032.34 realized by him in the calendar year 1947 was attributable to the operation of such business and subject to be carried back to the calendar year 1945 under sections 23 (s) and 122, Internal Revenue Code. 2. Amounts received by petitioner in 1947 as payments under a lease of iron ore lands represented royalties payable upon production and not amounts received for the sale of ore in place. Such amounts held to represent ordinary income and not capital gain.
1Opinion of the Court
OPINION.
•BRUce, Judge:
Petitioner claims a net operating loss deduction for the calendar year 1945 under sections 23 (s) and 122 of the Internal Revenue Code,1 based upon a net operating loss carry-back from the calendar year 1947. The first question for determination is whether petitioner’s net loss incurred during 1947 in mine exploration and development work, amounting to $14,032.34, represents a loss incurred by petitioner in regularly carrying on a trade or business within the meaning of section 122 (d) (5).
It is not disputed that during the calendar year 1947 petitioner suffered a net…
2Cases cited7 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Anderson v. HelveringSupreme Court of the United States · 1940
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
2 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- Waltham Netoco Theatres, Inc. v. CommissionerUnited States Tax Court · 1968
- Arthur S. Barker and Alberta C. Barker v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
- Fuller v. CommissionerUnited States Tax Court · 1953
- Walter R. Laudenslager and Marguerite Laudenslager v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1962
- Crowell Land & Mineral Corp. v. CommissionerUnited States Tax Court · 1955
30 more not listed; retrieve them via the Exa API.