Ford v. Commissioner
United States Tax Court
In order for a loss incurred by a taxpayer to be exempt from application of section 122 (d) (5), I. R. C. 1939, limiting net loss carryback of loss not attributable to operation of trade or business regularly carried on by the taxpayer to the amount of gross income not derived from such trade or business, such loss must be incurred in the normal day-to-day operation of the taxpayer's regular trade or business.
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In order for a loss incurred by a taxpayer to be exempt from application of section 122 (d) (5), I. R. C. 1939, limiting net loss carryback of loss not attributable to operation of trade or business regularly carried on by the taxpayer to the amount of gross income not derived from such trade or business, such loss must be incurred in the normal day-to-day operation of the taxpayer's regular trade or business. Held, the Commissioner is sustained in his determination that the taxpayer in the instant case did not have a net operating loss in 1953 within the meaning of section 122, 1939 Code,…
1Opinion of the Court
OPINION.
Black, Judge:
As has been stated in our preliminary statement, the principal part of the deficiency which the Commissioner has determined against petitioners for the year 1952 is due to his disallowance of a claimed net operating loss carryback by petitioners from the taxable year 1953.
Petitioners assigned error as to the disallowance 'by the Commissioner of the net operating loss carryback from 1953 which petitioners claimed for the year 1952. At the hearing petitioners moved to amend their petition so as to allege that the sale of the restaurant equipment by Ford to Wrinkle occurred…
2Cases cited9 opinions
- Halle v. CommissionerUnited States Tax Court · 1946
- Halle v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- Sic v. CommissionerUnited States Tax Court · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- M. C. Parrish & Co. v. CommissionerUnited States Tax Court · 1944
4 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Dyer v. United StatesDistrict Court, W.D. Kentucky · 1960
- Farmers Union Corp. v. CommissionerUnited States Tax Court · 1960
- Ford v. CommissionerUnited States Tax Court · 1958
- Prather v. CommissionerUnited States Tax Court · 1961