Rand v. Commissioner
United States Tax Court
Eleazer E. Rand, hereinafter referred to as petitioner, sustained a loss in 1953 on the disposition of the assets of his business (a food market) in a single, isolated transaction. The disposition was, in fact, a sale. Petitioner maintains that such disposition was by abandonment.
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Eleazer E. Rand, hereinafter referred to as petitioner, sustained a loss in 1953 on the disposition of the assets of his business (a food market) in a single, isolated transaction. The disposition was, in fact, a sale. Petitioner maintains that such disposition was by abandonment. Held, that whether by sale or by abandonment, the loss sustained was not allowable as a net operating loss carry-over to the years 1954 and 1955 because not attributable to the operation of a trade or business regularly carried on by petitioner within the meaning of section 122(d)(5) of the Code of 1939.
1Opinion of the Court
Eleazer E. Rand and Paula Rand v. Commissioner.
Rand v. Commissioner
Docket No. 70472.
United States Tax Court
T.C. Memo 1960-1; 1960 Tax Ct. Memo LEXIS 287; 19 T.C.M. (CCH) 1; T.C.M. (RIA) 60001;
January 11, 1960
Eleazer E. Rand, hereinafter referred to as petitioner, sustained a loss in 1953 on the disposition of the assets of his business (a food market) in a single, isolated transaction. The disposition was, in fact, a sale. Petitioner maintains that such disposition was by abandonment. Held, that whether by sale or by abandonment, the loss sustained was not allowable as a net operating loss…
2Cases cited5 opinions
- Sic v. CommissionerUnited States Tax Court · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Baruch v. CommissionerUnited States Tax Court · 1948
- Weill v. CommissionerUnited States Tax Court · 1951
- Corey v. CommissionerUnited States Tax Court · 1957