Bedell v. Commissioner
United States Board of Tax Appeals
1. The evidence is insufficient to overcome the presumption in favor of the Commissioner's determination that a loss sustained by the petitioner in 1919 was not a net loss resulting from the operation of any business regularly carried on by the petitioner in 1919. 2. Income from a transaction involving the purchase and sale of a building held to have been income of 1920, when the purchase money was paid, rather than of 1919, when the contract of sale was signed.
1Opinion of the Court
*275OPINION.
Murdock:
In order to decide the net loss issue in the petitioner’s favor it would be necessary for us to hold that the petitioner was regularly engaged in carrying on the business of buying, selling, exchanging and otherwise dealing in bonds, stocks, mortgages, real estate, notes, choses in action and other like property. This we can not do.
The petitioner starts with a presumption against him. To prove that he was regularly engaged in 1919 in carrying on the business of buying and selling, exchanging and otherwise dealing in bonds and stocks, he testified in a general way as to what he…
2Cases cited7 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Marston v. . GouldNew York Court of Appeals · 1877
- National Surety Co. v. WinslowSupreme Court of Minnesota · 1919
- Hackett v. . StanleyNew York Court of Appeals · 1889
- Griffiths v. Von HerbergWashington Supreme Court · 1917
2 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- McShain v. CommissionerUnited States Tax Court · 1979
- Corbett v. CommissionerUnited States Tax Court · 1971
- Gunderson Bros. Engineering Corp. v. CommissionerUnited States Tax Court · 1964
- Westchester Dev. Co. v. CommissionerUnited States Tax Court · 1974
- Adam v. CommissionerUnited States Tax Court · 1973
14 more not listed; retrieve them via the Exa API.