Tricou v. Commissioner
United States Board of Tax Appeals
1. The petitioner, with her husband, owned large property interests under the community property laws of the State of Texas, consisting mostly of stocks and bonds in corporations, and, upon her husband's death in 1921, inherited all of his interest in such property and continued the management and control of such property interests as nearly as possible as it was carried on in his lifetime, and through the failure of one of the associations in which she was interested,…
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1. The petitioner, with her husband, owned large property interests under the community property laws of the State of Texas, consisting mostly of stocks and bonds in corporations, and, upon her husband's death in 1921, inherited all of his interest in such property and continued the management and control of such property interests as nearly as possible as it was carried on in his lifetime, and through the failure of one of the associations in which she was interested, sustained a loss in 1922. Held, that such loss was an investment loss and not a loss incurred by petitioner in operating a…
1Opinion of the Court
*718OPINION.
Black :
The first issue which we have to decide is whether petitioner is entitled to deduct from her income of 1923 a “net” loss *719for tbe year 1922 amounting to $236,736.82. Section 204(a) of tbe Revenue Act of 1921 provides that tbe term “ net loss ” means only net losses resulting from tbe operation of any trade or business regularly carried on by the taxpayer.
If tbe petitioner’s husband, J. F. Strickland, had been living in 1922 when tbe loss in the Hidalgo Land Securities Syndicate occurred, it seems clear that under tbe doctrine announced in Glenn M. Averill, 20 B. T. A. 1196, he…
2Cases cited1 opinion
- Mente v. EisnerCourt of Appeals for the Second Circuit · 1920
3Cited by4 opinions
- Fisher v. United StatesUnited States Court of Federal Claims · 2008
- Barber Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1941
- Green v. CommissionerUnited States Board of Tax Appeals · 1935
- Tricou v. CommissionerUnited States Board of Tax Appeals · 1932