International Trading Company v. Commissioner of Internal Revenue

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• reversing the Tax Court’s application of Holy Trinity to a capital loss allowed by § 165(a) to a corporation holding vacation property for the personal use of its shareholders
• corporation holding vacation property for the personal use of its shareholders may not deduct a capital loss under Code § 165(a), despite the fact that that section, unlike § 165(c) (losses allowable to individuals

Source: CourtListener parenthetical corpus (CC0).