International Trading Co. v. Commissioner
United States Tax Court
From 1944 to 1957, petitioner owned a piece of lakefront property. The property was sold at a loss in 1957. Petitioner did not hold the property for use in its trade or business, or for the production of income, rather the property was held for the personal use of petitioner's stockholders. Held, petitioner cannot take a loss deduction under sec. 165, I.R.C. 1954, and thus is not entitled to a capital loss carryover for the years in issue.
1Opinion of the Court
StekREtt, Judge:
Respondent determined the following deficiencies in petitioner’s Federal income taxes for the periods indicated:
Taxable year ended Amount
Aug. 31, 1959_$48,131. 57
Aug. 31, 1960_ 98,402.86
Aug. 31, 1963_ 4,889.29
Both petitioner and respondent have made concessions and there remains only one question to be determined by the Court. It must be decided whether petitioner is entitled to a capital loss carryover for its taxable years ended August 31, 1959 and 1960, under section 1212.1
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and documents…
2Cases cited10 opinions
- Church of the Holy Trinity v. United StatesSupreme Court of the United States · 1892
- United States v. KirbySupreme Court of the United States · 1869
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Reese v. CommissionerUnited States Tax Court · 1966
- Riss v. CommissionerUnited States Tax Court · 1971
5 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Riss v. CommissionerUnited States Tax Court · 1971
- Jacob Abdalla and Mary T. Abdalla v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
- International Trading Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- Fehrs Finance Co. v. CommissionerUnited States Tax Court · 1972
- Exxon Corp. v. CommissionerUnited States Tax Court · 1994
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