Lawver v. Commissioner
United States Tax Court
Held, petitioners did not acquire land and buildings with the intent to demolish the buildings but acquired them for purposes of rental and investment and petitioners are therefore entitled to a deduction for loss on demolition of the buildings under sec. 165, I.R.C. 1954. Held further, petitioners are entitled to deduct expenses of the properties in excess of rentals under sec. 183, I.R.C. 1954.
1Opinion of the Court
ROBERT W. LAWVER AND DORLA H. LAWVER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Lawver v. Commissioner
Docket No. 12008-78.
United States Tax Court
T.C. Memo 1981-192; 1981 Tax Ct. Memo LEXIS 548; 41 T.C.M. (CCH) 1306; T.C.M. (RIA) 81192;
April 22, 1981.
Held, petitioners did not acquire land and buildings with the intent to demolish the buildings but acquired them for purposes of rental and investment and petitioners are therefore entitled to a deduction for loss on demolition of the buildings under sec. 165, I.R.C. 1954. Held further, petitioners are entitled to deduct expenses…
2Cases cited15 opinions
- Golanty v. CommissionerUnited States Tax Court · 1979
- Jasionowski v. CommissionerUnited States Tax Court · 1976
- Canelo v. CommissionerUnited States Tax Court · 1969
- Lynchburg Nat'l Bank & Trust Co. v. CommissionerUnited States Tax Court · 1953
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
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