Fawcett v. Commissioner
United States Tax Court
Deductions -- Losses Not Deductible -- Section 24 (b), I. R. C. -- The prohibition, in section 24 (b), against deduction of losses on sales of property between members of a family is not limited to losses on sales of stock in a corporation, but affects all such sales without regard to the character of the property sold.
1Opinion of the Court
OPINION.
Murdock, Judge-.
The Commissioner determined a deficiency of $1,366.98 in the petitioner’s income tax for 1940. The petitioner assigns as error the disallowance of a deduction claimed on his return for long term capital losses sustained by him on two sales of property to bis brother. The allowability of such deduction is the only question at issue. The proceeding has been submitted on stipulated facts under Rule 30.
The petitioner, a resident of Brooklyn, New York, filed his 1940 income tax return with the collector for the first district of New York. On December 26,1940, he sold to his…
2Cited by6 opinions
- Blum v. CommissionerUnited States Tax Court · 1945
- Engelhart v. CommissionerUnited States Tax Court · 1958
- Blum v. CommissionerUnited States Tax Court · 1945
- Blum v. CommissionerUnited States Tax Court · 1945
- Engelhart v. CommissionerUnited States Tax Court · 1958
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