Burns v. Commissioner
United States Tax Court
1. In 1944 petitioner sold, at a loss, 40 acres of unimproved land located near Lake Wales, Florida. At the time of the sale the land was held by petitioner primarily for sale to customers in the ordinary course of his business of selling unimproved property. Held, that the loss was an ordinary loss, and not a capital loss. 2. In 1945 petitioner sold, at a loss, a residence he had built in 1926 for his personal use.
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1. In 1944 petitioner sold, at a loss, 40 acres of unimproved land located near Lake Wales, Florida. At the time of the sale the land was held by petitioner primarily for sale to customers in the ordinary course of his business of selling unimproved property. Held, that the loss was an ordinary loss, and not a capital loss. 2. In 1945 petitioner sold, at a loss, a residence he had built in 1926 for his personal use. On the evidence, held that the residence was converted from personal use to business use in 1940. 3. In 1926 petitioner constructed an office building on lots he had purchased in…
1Opinion of the Court
Jay Burns, Petitioner, v. Commissioner of Internal Revenue, Respondent
Burns v. Commissioner
Docket No. 25314
United States Tax Court
21 T.C. 857; 1954 U.S. Tax Ct. LEXIS 273;
March 9, 1954, Promulgated
Decision will be entered under Rule 50.
1. In 1944 petitioner sold, at a loss, 40 acres of unimproved land located near Lake Wales, Florida. At the time of the sale the land was held by petitioner primarily for sale to customers in the ordinary course of his business of selling unimproved property. Held, that the loss was an ordinary loss, and not a capital loss.
2. In 1945 petitioner sold, at a loss,…
2Cases cited12 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Craig v. AmbroseSupreme Court of Georgia · 1887
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
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