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O.L. Burnett v. Commissioner of Internal Revenue

40 B.T.A. 605 (1939)

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O.L. Burnett v. Commissioner of Internal Revenue

United States Board of Tax Appeals
40 B.T.A. 605 (1939)

Facts

In 1934 O. L. Burnett (plaintiff) claimed an ordinary loss of $18,964.21 for the purchase and sale of stocks and commodities, and she deducted the loss in full from her gross income. Prior to and during 1934, Burnett engaged in the business of being a trader of securities and commodities on her own account, primarily for the profit gained from selling such stocks and commodities for a price in excess of their cost to her. The commissioner of the Internal Revenue Service (IRS) (defendant) found a deficiency for 1934 and limited the loss to $2,000 as a net capital loss pursuant to § 117(d) of the Revenue Act of 1934. Burnett requested a redetermination, claiming that she should be allowed to deduct all her losses as business losses. The United States Tax Court found in favor of the commissioner. Burnett appealed.

Rule of Law

Issue

Holding and Reasoning (Black, J.)

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