Guggenheimer v. Commissioner
United States Tax Court
1. Where a parcel of real property was not purchased by the petitioner, Charles S. Guggenheimer, and his two associates in their joint business venture in buying and selling real property, was not held by them for sale as part of their "stock in trade," and was not the type of property usually handled by the group, but on the contrary was in fact petitioner's parents' residence inherited by him and his brother and sister, managed by the family members as a partnership, and…
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1. Where a parcel of real property was not purchased by the petitioner, Charles S. Guggenheimer, and his two associates in their joint business venture in buying and selling real property, was not held by them for sale as part of their "stock in trade," and was not the type of property usually handled by the group, but on the contrary was in fact petitioner's parents' residence inherited by him and his brother and sister, managed by the family members as a partnership, and finally disposed of at a loss, held that the loss on such sale in the year 1945 was not attributable to the operation of…
1Opinion of the Court
OPINION.
Hill, Judge:
The first issue concerns the question whether in the computation of a net operating loss under section 122 of the Code the petitioner is entitled to deduct the loss he suffered on the sale of the Fifth Avenue property. The sale and the resulting loss occurred in the yea*r 1945. The issue is material to the petitioner’s tax liability for the two years before us (1943 and 1944), however, since petitioner seeks to apply to these taxable years the benefit of the net operating loss carry-back provisions of section 122.
In order for petitioner to prevail the evidence must show…
2Cases cited6 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Baruch v. CommissionerUnited States Tax Court · 1948
1 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Green v. Comm'rUnited States Tax Court · 1984
- Estate of Ferber v. CommissionerUnited States Tax Court · 1954
- Cartan v. CommissionerUnited States Tax Court · 1958
- Guggenheimer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Lehman v. CommissionerUnited States Tax Court · 1953
7 more not listed; retrieve them via the Exa API.