Landau v. Commissioner
United States Tax Court
Deduction -- Loss -- Mortgage Pool -- Partnership, Corporation, or Trust. -- The petitioner has not shown that the mortgage pool was a trust rather than a partnership, as determined by the Commissioner, or rather than an association taxable as a corporation, or that it sustained a loss on the investment in the mortgage pool which was deductible in 1948 in an amount greater than that allowed by the Commissioner.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner, as shown by the notice of deficiency, referred to the participants in the mortgage pool as partners for tax purposes and apparently allowed the participant-partner to deduct for 1948 only his distributive share of the partnership expense for that year. Section 3797 defines a partnership to include “a syndicate, group, pool, joint venture or other unincorporated organization, through or by means of which any business, financial operation or venture is carried on and which is not, within the meaning of this title, a trust or estate or a corporation.” It…
2Cases cited10 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Heiner v. MellonSupreme Court of the United States · 1938
- Main-Hammond Land Trust v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1952
- Letts v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1936
- Crabb v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1941
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3Cited by3 opinions
- Estate of Philip Landau, Deceased, Herbert Landau and Sidney Landau, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1955
- Abrams v. CommissionerUnited States Tax Court · 1961
- Landau v. CommissionerUnited States Tax Court · 1954