Legal Opinion
Burger-Phillips Co. v. Commissioner
Court of Appeals for the Fifth Circuit
Decided March 31, 1942No. 9927PublishedCited by 10 opinions
1Opinion of the Court
SIBLEY, Circuit Judge.
The question is whether a loss realized and made final in the tax year 1935 by electing, pursuant to a contract of purchase of land, to surrender all rights in the land in return for release from obligation to pay the purchase money, is an ordinary loss deductible in full or a capital loss limited to $2,000 under Section 117(d) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 707.
The agreed facts are these: On October 1, 1929, the taxpayer, Burger-Phillips Com*935pany, contracted with the United States to purchase the old postoffice building and site at Birmingham,…
2Cases cited3 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
- Electro-Chemical Engraving Co. v. CommissionerSupreme Court of the United States · 1941
- Helvering v. Nebraska Bridge Supply & Lumber Co.Court of Appeals for the Eighth Circuit · 1940
3Cited by10 opinions
- Jones, Collector of Internal Revenue v. CorbynCourt of Appeals for the Tenth Circuit · 1950
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- Sanders v. CommissionerCourt of Appeals for the Tenth Circuit · 1955
- Leo Sanders and Jessie H. Sanders v. Commissioner of Internal Revenue, Leo Sanders v. Commissioner of Internal Revenue, Jessie H. Sanders v. Commissioner of Internal Revenue, T. Coleman Andrews, Commissioner of Internal Revenue, Arthur L. Fleming, District Commissioner of Internal Revenue for Oklahoma and Texas, and Earl R. Wiseman, Director of Internal Revenue at Oklahoma City, Oklahoma v. Leo Sanders and Jessie H. Sanders, (Two Cases)Court of Appeals for the Tenth Circuit · 1955
- Lakeside Irr. Co. v. Commissioner of Internal Rev.Court of Appeals for the Fifth Circuit · 1942
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