Draper v. Commissioner
United States Tax Court
1. A briquette storage building, construction of which was begun in April 1949 and completed in August 1949, was destroyed by windstorm November 27, 1949. Held, the respondent's determination that the portion of the building completed prior to a date 6 months before the destruction of the building was an asset qualifying under section 117(j) of the Internal Revenue Code of 1939 is sustained. M. A. Paul, 18 T.C. 601 (1952), overruled.
Read the full summary
1. A briquette storage building, construction of which was begun in April 1949 and completed in August 1949, was destroyed by windstorm November 27, 1949. Held, the respondent's determination that the portion of the building completed prior to a date 6 months before the destruction of the building was an asset qualifying under section 117(j) of the Internal Revenue Code of 1939 is sustained. M. A. Paul, 18 T.C. 601 (1952), overruled. Held, further, the loss allocable to that portion of the building qualifying as a section 117(j) asset must be reduced by the amount of gain on the sale or…
1Opinion of the Court
TRAIN, Judge:
Respondent determined deficiencies in income taxes and additions to the tax for the years and in the amounts as follows:
Year
Deficiency
Additions to tax2
Sec. 293(b) Sec. 294(d)
Fred Draper, Docket No. 63818
1944-$6,454. 90 $3,227.45 $509.62
1945-3,160.60 1.583.30 117.88
1946-1,970.64 3,469.10 480.77
1947-17,324.59 8.662.30
Fred Draper and Game Draper, Docket No. 63819
1948-$79,332.85 $10,440.60
1949-3,442.04
Carrie Draper, Docket No.[63826
1944-$6,528.24 $3,264.12 $526.68
1945.. 3,185.46 1,592.73 122.53
1946-1,981.76 3,496.38 494.57
1947-17,334.79 8,667.40
The issues are:(1) Whether the loss…
2Cases cited15 opinions
- Rosenman v. United StatesSupreme Court of the United States · 1945
- Colony, Inc. v. CommissionerSupreme Court of the United States · 1958
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Morris Lipsitz, and Morris Lipsitz and Helen Lipsitz v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1955
- Richard Douglas Furnish and Emilie Furnish Funk v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
10 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
- Aagaard v. CommissionerUnited States Tax Court · 1971
- Madison Newspapers, Inc. v. CommissionerUnited States Tax Court · 1967
- Kahr v. CommissionerUnited States Tax Court · 1967
- Wiltgen v. United StatesDistrict Court, N.D. Iowa · 1992
27 more not listed; retrieve them via the Exa API.