Bloomfield v. Commissioner
United States Tax Court
Petitioner claimed a net operating loss of the alleged net worth of a sole proprietorship as a result of bankruptcy proceedings instituted by him in 1963, the assets of the business having been sold by the referee in bankruptcy and the sale having been confirmed in that year.
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Petitioner claimed a net operating loss of the alleged net worth of a sole proprietorship as a result of bankruptcy proceedings instituted by him in 1963, the assets of the business having been sold by the referee in bankruptcy and the sale having been confirmed in that year. Petitioner and his former wife filed separate returns for 1963 and joint returns for 1960, 1961, and 1962. Each filed for and received refunds based upon the tentative carryback of one-half of the claimed 1963 loss to the earlier years. Held, the right to carry back the claimed net operating loss passed to the trustee in…
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in petitioner’s income tax for the years 1960, 1961, and 1962 in the amounts of $1,739.88, $3,825.82, and $3,146.62, respectively. The issues for our determination are whether petitioner is entitled under section 1651 to deduct the claimed net worth of a sole proprietorship as a loss as a result of bankruptcy proceedings and whether petitioner is liable for all or one-half of the deficiency, since respondent issued checks in the amount of one-half the present deficiency to petitioner and to his former wife, as tentative carryback…
2Cases cited25 opinions
- Segal v. RochelleSupreme Court of the United States · 1966
- Nicholas v. United StatesSupreme Court of the United States · 1966
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Norene R. O'Dell v. United States of America and Jack Ruhter, Trustee in BankruptcyCourt of Appeals for the Tenth Circuit · 1964
- Richard Douglas Furnish and Emilie Furnish Funk v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
20 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Estate of Delman v. CommissionerUnited States Tax Court · 1979
- Mueller v. CommissionerUnited States Tax Court · 1973
- Davis v. CommissionerUnited States Tax Court · 1978
- Mason v. CommissionerUnited States Tax Court · 1977
- Fine v. CommissionerUnited States Tax Court · 1978
16 more not listed; retrieve them via the Exa API.