Mueller v. Commissioner
United States Tax Court
1. In 1962 petitioner received notes in the total amount of $ 69,000 from McHenry in satisfaction of business and personal obligations, and in exchange for petitioner's interest in Tomatoes, Inc. Held, petitioner is not entitled to any capital loss on the disposition of his interest in Tomatoes.
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1. In 1962 petitioner received notes in the total amount of $ 69,000 from McHenry in satisfaction of business and personal obligations, and in exchange for petitioner's interest in Tomatoes, Inc. Held, petitioner is not entitled to any capital loss on the disposition of his interest in Tomatoes. Held, further, the notes petitioner received from McHenry did not become worthless in 1965. 2. In 1966 petitioner filed a voluntary petition in bankruptcy and his assets were transferred to the trustee in bankruptcy. Held, petitioner is not entitled to a business expense deduction upon transfer of his…
1Opinion of the Court
FoRRjestbR, Judge:
Respondent has determined deficiencies in petitioner’s Federal income tax as follows:
Year Amount Claimed overpayment 1962____ $1, 524. 82 0 1963_ 14,937.59 0 1966_ 34, 264. 14 0 1967_ 329. 99 1 $970. 73
The years 1964, 1965, and 1968 are also involved for the purpose of determining whether there are, and the amount of, any net operating loss carryovers or carrybacks and capital loss carryovers to the years here in issue.
The parties have now agreed as to some issues, and those remaining for our decision are:(1) Whether petitioner sustained a capital loss deduction in 1962…
2Cases cited9 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Dustin v. CommissionerUnited States Tax Court · 1969
- Pottstown Iron Co. v. United StatesSupreme Court of the United States · 1931
- Bloomfield v. CommissionerUnited States Tax Court · 1969
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