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
LOUISE C. SLACK AND W. B. MERWIN, EXECUTORS OF THE ESTATE OF A. B. SLACK, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Slack v. Commissioner
Docket Nos. 72404, 78525.
United States Board of Tax Appeals
35 B.T.A. 271; 1937 BTA LEXIS 896;
January 19, 1937, Promulgated
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…
2Cases cited8 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
- Kissel v. CommissionerUnited States Board of Tax Appeals · 1929
- Slack v. CommissionerUnited States Board of Tax Appeals · 1937
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