Elliott v. Commissioner
United States Board of Tax Appeals
NET LOSSES FROM TRADE OR BUSINESS. - It is shown that transactions of the petitioner in buying and selling cotton futures and corporate stocks occupied 75 per cent of his business hours, and they were sufficiently regular and numerous to amount to a business; therefore, the losses resulting and paid in cash are "net losses" subject to the provisions of section 204 of the Revenue Act of 1921.
1Opinion of the Court
*496OPINION.
Tetjssell : The petitioner contends that certain losses, paid in cash during 1921 and 1922, are subject to the provisions of section 204 of the Revenue Act of 1921, allowing the deduction of net losses from net income of succeeding years. The amounts of the losses are not in controversy and it is not disputed that they are deductible from income for the year’in which sustained. The question for decision is whether the losses resulted from a business, as they must have to come within the statutory definition of “net loss,” in section 204(a) of the Revenue Act of 1921, reading, so far…
2Cases cited7 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- The Parker Mills v. . the Commissioners of TaxesNew York Court of Appeals · 1861
- Mente v. EisnerCourt of Appeals for the Second Circuit · 1920
- Lederer v. CadwaladerCourt of Appeals for the Third Circuit · 1921
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Butler v. CommissionerUnited States Tax Court · 1961
- Helvering v. Wilmington Trust Co.Court of Appeals for the Third Circuit · 1941
- Piggly Wiggly Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Butler v. CommissionerUnited States Tax Court · 1961
- Elliott v. CommissionerUnited States Board of Tax Appeals · 1929
1 more not listed; retrieve them via the Exa API.