Boynton v. Commissioner
United States Tax Court
Held, that the petitioner was not in the business of buying and selling real estate and that a loss sustained upon the foreclosure of a parcel of real estate which he owned was not an ordinary loss, but was a capital loss which under section 172(d) of the Internal Revenue Code of 1954 was not deductible in computing a claimed net operating loss.
1Opinion of the Court
Charles T. Boynton, II v. Commissioner.
Boynton v. Commissioner
Docket No. 4769-66.
United States Tax Court
T.C. Memo 1969-204; 1969 Tax Ct. Memo LEXIS 90; 28 T.C.M. (CCH) 1075; T.C.M. (RIA) 69204;
September 30, 1969. Filed
Held, that the petitioner was not in the business of buying and selling real estate and that a loss sustained upon the foreclosure of a parcel of real estate which he owned was not an ordinary loss, but was a capital loss which under section 172(d) of the Internal Revenue Code of 1954 was not deductible in computing a claimed net operating loss.
Garvin W. Videen, Arizona Land…
2Cases cited7 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Burnet v. ClarkSupreme Court of the United States · 1932
- Thrift v. CommissionerUnited States Tax Court · 1950
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