Weill v. Commissioner
United States Tax Court
Mortgage upon a building belonging to petitioner was foreclosed in 1944 and he claimed, in the taxable year 1945, net operating loss carry-over.
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Mortgage upon a building belonging to petitioner was foreclosed in 1944 and he claimed, in the taxable year 1945, net operating loss carry-over. Held, on the facts, that the petitioner was not a dealer in real estate and his activities as a whole did not constitute a trade or business regularly carried on by him to which the loss on the foreclosure was attributable, therefore section 122 (d) (5) of the Internal Revenue Code limits the operating loss thereon and prevents the allowance of the deduction claimed.
1Opinion of the Court
OPINION.
Disney, Judge:
The question before us here is whether section 122 (d) (5) of the Internal Revenue Code limits the loss, taken in 1944, on a real estate foreclosure, and claimed as a net operating loss carryover to 1945. Under the statute, unless the deduction of the net operating loss carry-over claimed is “attributable to the operation of a trade or business regularly carried on by the taxpayer,” it is limited, and the limitation the parties tacitly agree would, eliminate petitioner’s claimed deduction. Our inquiry therefore is simply whether the deduction is to be attributed to a…
Also in this document: Dissent.
2Cases cited14 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Dalton v. BowersSupreme Court of the United States · 1932
- Fahs v. CrawfordCourt of Appeals for the Fifth Circuit · 1947
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Sic v. CommissionerUnited States Tax Court · 1948
9 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Burns v. CommissionerUnited States Tax Court · 1954
- E. A. Roberts v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Townend v. CommissionerUnited States Tax Court · 1956
- Rothbart v. CommissionerUnited States Tax Court · 1956
- Burns v. CommissionerUnited States Tax Court · 1954
6 more not listed; retrieve them via the Exa API.