Corey v. Commissioner
United States Tax Court
Petitioners sustained a loss as a consequence of abandonment of their sublessee's interest in the permanent improvements affixed to leased business realty, which loss they characterize "accelerated amortization." Held, that such loss is not attributable to the operation of petitioners' business "regularly carried on" within the meaning of section 122 (d) (5), I. R. C. 1939, and cannot therefore be carried forward to the year 1953 as a net operating loss deduction.
1Opinion of the Court
OPINION.
Forrester, Judge:
The respondent has determined a deficiency in petitioners’ income tax for the calendar year 1953 in the amount of $3,362.74. All but one of the respondent’s adjustments have been settled prior to trial. The sole issue submitted is whether respondent erred in disallowing a net operating loss carryover to the year 1953 in the amount of $14,683.45. This is in turn dependent on whether a loss sustained by petitioners in 1952 in the amount of $22,203.80 qualifies as a net operating loss under the terms of section 122 of the Internal Revenue Code of 1939.1
Petitioners,…
2Cases cited12 opinions
- Dalton v. BowersSupreme Court of the United States · 1932
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Baruch v. CommissionerUnited States Tax Court · 1948
7 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Dyer v. United StatesDistrict Court, W.D. Kentucky · 1960
- Corey v. CommissionerUnited States Tax Court · 1957
- De Thassy v. CommissionerUnited States Tax Court · 1963
- Rand v. CommissionerUnited States Tax Court · 1960