Goldberg v. Commissioner
United States Board of Tax Appeals
1. A person may at the same time be regularly engaged in more than one kind of trade or business. 2. For 21 years prior to 1923 petitioner was regularly engaged in business as a wholesale liquor dealer. In the latter part of 1922 he ceased making purchases of additional stock but continued active efforts to sell and did sell during the year 1921 a quantity of the liquor on hand, from which he sustained a loss.
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1. A person may at the same time be regularly engaged in more than one kind of trade or business. 2. For 21 years prior to 1923 petitioner was regularly engaged in business as a wholesale liquor dealer. In the latter part of 1922 he ceased making purchases of additional stock but continued active efforts to sell and did sell during the year 1921 a quantity of the liquor on hand, from which he sustained a loss. Held, that this was a business regularly carried on during 1923 and the net loss sustained in the operation thereof was deductible from net income for the year 1924. 3. From 1915 to and…
1Opinion of the Court
*1357OPINION.
Littleton :
Section 204 of the Revenue Act of 1921 governing the questions here presented provides:(a) That as used in this section the term “ net loss ” means only net losses resulting from the operation of any trade or business regularly carried on by the taxpayer (including losses sustained from the sale or other disposition of real estate, machinery, and other capital assets, used in the conduct of such trade or business) ; and when so resulting means the excess of the deductions allowed by section 214 or 234, as the case may be, over the sum of the following: (1) the gross income…
2Cited by4 opinions
- Cappon v. CommissionerUnited States Board of Tax Appeals · 1933
- Elliott v. CommissionerUnited States Board of Tax Appeals · 1929
- Goldberg v. CommissionerUnited States Board of Tax Appeals · 1928
- Hedrick v. CommissionerUnited States Board of Tax Appeals · 1930