Koehn v. Commissioner
United States Tax Court
Petitioner successively sold two personal residences in the taxable year, one in Milwaukee, Wisconsin, at a gain, the other in St. Louis, Missouri, at a loss, each having been held for more than 6 months.
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Petitioner successively sold two personal residences in the taxable year, one in Milwaukee, Wisconsin, at a gain, the other in St. Louis, Missouri, at a loss, each having been held for more than 6 months. Held, petitioner's loss on the sale of his St. Louis personal residence being nondeductible under section 23 (e) and 24 (a) (1), I. R. C., and Regulations 111, section 29.23 (e) (1), he is not entitled to offset such loss against the gain from the sale of his Milwaukee personal residence in determining net long term capital gain under section 117 (a) (8), I. R. C.
1Opinion of the Court
OPINION.
Johnson, Judge:
Respondent determined a deficiency in income tax for the calendar year 1947 in the amount of $444.63. The sole issue is whether petitioner, who successively sold two personal residences in 1947, may offset the amount of gain realized from the sale of one by. the amount of loss sustained from the sale of the other. Petitioner concedes other issues raised by the petition and other adjustments made in the notice of deficiency. The facts are stipulated.
Petitioner is an individual with present residence in New York, New York. Petitioner was a resident of Dallas, Texas, on…
2Cases cited2 opinions
- Lakeside Irr. Co. v. Commissioner of Internal Rev.Court of Appeals for the Fifth Circuit · 1942
- Morris Investment Corp. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1946
3Cited by14 opinions
- Austin v. CommissionerUnited States Tax Court · 1960
- Wilson v. CommissionerUnited States Tax Court · 1968
- Estate of Gutman v. CommissionerUnited States Tax Court · 1952
- Meyer v. CommissionerUnited States Tax Court · 1960
- Gutman v. CommissionerUnited States Tax Court · 1952
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