Washburn v. Commissioner
United States Board of Tax Appeals
1. A loss sustained by petitioner in 1922 upon the sale of stock in a corporation may not be carried forward and deducted from income for 1923 under the provisions of section 204 of the Revenue Act of 1921, since it was not incurred in a trade or business regularly carried on. 2. An amount received by petitioner in 1923 from the Alworth-Washburn Co., held, to be a distribution of capital within the meaning of section 201 of the Revenue Act of 1921.
1Opinion of the Court
*1094OPINION.
Littleton :
The petitioner’s first contention is that in 1922 he sustained a net loss which he is entitled to carry forward and deduct from his income for 1923. The Commissioner admits that the loss was sustained, but denies that it was sustained in the operation of a trade or business regularly carried on within the meaning of section 204 of the Revenue Act of 1921, which provides in part as follows:(a) That as used in this section the term “ net loss ” means only net losses resulting from the operation of any trade or business regularly carried on by the taxpayer (including losses…
2Cases cited2 opinions
- Edwards v. DouglasSupreme Court of the United States · 1925
- Willcuts v. Milton Dairy Co.Supreme Court of the United States · 1927
3Cited by8 opinions
- Foley Securities Corp. v. CommissionerCourt of Appeals for the Eighth Circuit · 1939
- Stifel v. CommissionerUnited States Board of Tax Appeals · 1934
- Foley Securities Corp. v. Commissioner of Int. Rev.Court of Appeals for the Eighth Circuit · 1939
- Walker v. CommissionerUnited States Board of Tax Appeals · 1933
- Foley Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
3 more not listed; retrieve them via the Exa API.