Harriss v. Commissioner
United States Board of Tax Appeals
Upon the facts disclosed, it is held: (1) A one-fifth interest in a farm, acquired by petitioner Robert M Harriss in 1920 and sold to a brother in 1933, was a capital asset and the loss realized on the sale was a capital loss.
Read the full summary
Upon the facts disclosed, it is held: (1) A one-fifth interest in a farm, acquired by petitioner Robert M Harriss in 1920 and sold to a brother in 1933, was a capital asset and the loss realized on the sale was a capital loss. (2) A gain of $72,747.67 realized in 1934 upon the sale by petitioner Robert M. Harriss of certain cotton futures contracts and credited to him in that year on the books of the cotton firm of Harriss & Vose, represented income to him in that year to the extent of his one-half interest therein. (3) Of a total of $7,013 in commissions credited to petitioner Robert M.…
1Opinion of the Court
*1004OPINION.
Leech :
Petitioner sustained a loss upon the sale of the Texas farm in 1933 in the amount of $49,100.41. The sole issue as to the deficiency for 1933 is whether this loss was an ordinary or capital loss.
This issue is one of fact. Petitioner contends that he has been regularly engaged for many years in the real estate business, buying and selling improved and unimproved properties, and that this farm was purchased in the ordinary course of that business and held for sale to customers. Although it is admitted that his principal business is his cotton business with Harriss & Yose, this,…
2Cases cited1 opinion
- Corliss v. BowersSupreme Court of the United States · 1930
3Cited by10 opinions
- Smith v. CommissionerUnited States Tax Court · 1982
- Cottage Sav. Asso. v. CommissionerUnited States Tax Court · 1988
- Trenton Cotton Oil Co. v. CommissionerUnited States Tax Court · 1943
- Peters v. CommissionerUnited States Tax Court · 1962
- Amor v. CommissionerUnited States Tax Court · 1953
5 more not listed; retrieve them via the Exa API.