Burnett v. Commissioner
United States Board of Tax Appeals
1. During the taxable year 1934 petitioner was carrying on the trade or business of purchasing and selling securities and commodities for her own account through brokers on margin accounts and incurred a loss of $18,964.21 in such tradings.
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1. During the taxable year 1934 petitioner was carrying on the trade or business of purchasing and selling securities and commodities for her own account through brokers on margin accounts and incurred a loss of $18,964.21 in such tradings. Held, the securities and commodities which petitioner thus purchased and sold "were not property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business" as provided by section 117(b), Revenue Act of 1934, and the limitation of capital loss provisions of section 117(d) of the 1934 Act applies. Charles Wesley…
1Opinion of the Court
OPINION.
Black:
This proceeding is to contest a deficiency of $4,901.40 in petitioner’s income tax liability for the year 1934. The deficiency results from several adjustments made by the Commissioner in the income tax return filed by petitioner for that year. Petitioner contests only three of these adjustments by appropriate assignment of error, as follows:(1) That the Commissioner erred in disallowing as a deduction a loss of $18,964.21 which petitioner incurred in a business regularly carried on by her and in holding that petitioner was not engaged in any trade or business and that the loss…
2Cited by21 opinions
- Muldrow v. CommissionerUnited States Tax Court · 1962
- Gruver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1944
- Fuld v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- Commissioner of Internal Revenue v. BurnettCourt of Appeals for the Fifth Circuit · 1941
- Adnee v. CommissionerUnited States Tax Court · 1963
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