Slack v. Commissioner
United States Board of Tax Appeals
1. Decedent was the owner of several parcels of real estate which he had acquired primarily for the purpose of obtaining rents which were his chief source of income. When a property became nonproductive from a rental standpoint, he sold it in order to invest in some other property which he thought would be productive of income. In 1929 he sustained a loss on the sale of a parcel of real estate which had been acquired in 1923 and used for the purpose mentioned.
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1. Decedent was the owner of several parcels of real estate which he had acquired primarily for the purpose of obtaining rents which were his chief source of income. When a property became nonproductive from a rental standpoint, he sold it in order to invest in some other property which he thought would be productive of income. In 1929 he sustained a loss on the sale of a parcel of real estate which had been acquired in 1923 and used for the purpose mentioned. Held, that the loss sustained was a capital loss and, there being no capital gains, it may not be included in the computation of a net…
1Opinion of the Court
*276OPINION.
Tuener :
Our first question is whether or not the respondent erred in disallowing the net loss deduction claimed by the decedent on his returns for 1930 and 1931 as the result of the loss sustained by him in 1929 from the sale of real estate to Sears, Roebuck & Co. The deduction was disallowed by the respondent, first, on the ground that the loss was not sustained in a trade or business regularly carried on by the decedent and, second, on the ground that it represented a capital loss; which, under the terms of the statute, is deductible in computing a net loss only to the extent of…
2Cases cited3 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Miller v. GearinCourt of Appeals for the Ninth Circuit · 1919
- Cryan v. WardellDistrict Court, N.D. California · 1920
3Cited by12 opinions
- Chicago Title & Trust Co. v. United StatesDistrict Court, N.D. Illinois · 1953
- Hilgenberg v. United StatesDistrict Court, D. Maryland · 1937
- Thomas v. CommissionerUnited States Tax Court · 1964
- Commissioner v. WoodCourt of Appeals for the Seventh Circuit · 1939
- Burnett v. CommissionerUnited States Board of Tax Appeals · 1939
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