Rosenthal v. Commissioner
United States Tax Court
1. Casualty loss of timber is limited to the basis of the taxpayer in the portion of the timber lost and not its basis in all timber on the tract on which the damaged timber was located. 2. Loss sustained by a partnership with respect to stock in a Cuban corporation the properties of which were taken over by the Cuban Government in 1960 is a capital loss and not an ordinary loss even though most of the partners at the time the stock was purchased were also members of another…
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1. Casualty loss of timber is limited to the basis of the taxpayer in the portion of the timber lost and not its basis in all timber on the tract on which the damaged timber was located. 2. Loss sustained by a partnership with respect to stock in a Cuban corporation the properties of which were taken over by the Cuban Government in 1960 is a capital loss and not an ordinary loss even though most of the partners at the time the stock was purchased were also members of another partnership which began to purchase the major portion of the products manufactured by the Cuban corporation.
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in the income tax of Fred and Irene Rosenthal, Fenya Ginzberg, Joachim Ginzberg, Leo and Zara Eliash, and Estate of Fanny Golodetz, deceased, Efim Golodetz, administrator, and Efim Golodetz for the calendar year 1960 in the amounts of $2,461.15, $757.21, $31,681.07, $9,223.28, and $7,947.15, respectively.
The issues for decision, are:(1) Whether the casualty loss in 1960 with respect to timber held by a joint venture in which petitioners held varying percentage interests should be limited to the basis of the specific timber which was damaged or…
2Cases cited11 opinions
- Helvering v. OwensSupreme Court of the United States · 1939
- Neuberger v. CommissionerSupreme Court of the United States · 1940
- Electrical Fittings Corp. v. CommissionerUnited States Tax Court · 1960
- United States v. KoshlandCourt of Appeals for the Ninth Circuit · 1954
- Alcoma Association, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1956
6 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- E.A. Brannen and Frances K. Brannen v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1984
- Miller v. CommissionerUnited States Tax Court · 1978
- Edgar v. CommissionerUnited States Tax Court · 1971
- Fred and Irene Rosenthal v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1969
- Westvaco Corp. v. United StatesUnited States Court of Claims · 1980
10 more not listed; retrieve them via the Exa API.