Hawaiian Gas Products, Ltd. v. Commissioner
United States Board of Tax Appeals
In 1937 the petitioner sustained a loss of $12,479,48 as a result of the condemnation and taking by the Territory of Hawaii of certain real estate then owned by the petitioner. Held, that the deductible loss is limited by section 117(d) of the Revenue Act of 1936 to $2,000.
1Opinion of the Court
OPINION.
Smith :
This is a proceeding for the redetermination of a deficiency in income tax for 1937 in the amount of $5,903.56, only a part of which is in controversy. The sole question in issue relates to the propriety of the action of the respondent in limiting to $2,000, under the provisions of section 117 (d) of the Revenue Act of 1936, a loss in the amount of $12,479.48 sustained by the petitioner during the year 1937 as a result of the condemnation by the Territory of Hawaii of certain real estate then owned by the petitioner.
The material facts have all been stipulated. They may be…
2Cases cited2 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
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