net loss
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 287 U.S. 410 - Burnet v. Clark · 1932Most cited · 635 citing opinions
only net losses resulting from the operation of any trade or business regularly carried on by the taxpayer (including losses sustained from the sale or other disposition of real estate, machinery, and other capital assets, used in the conduct of such trade or business); and when so resulting means the excess of the deductions allowed by section 214 or 234, as the ease may be, over the sum of the following: (1) The gross income of the taxpayer for the taxa
How often courts cite the cases defining “net loss”
Court decisions citing the 2 opinions that defined “net loss” — 1,107 in all, by decade. Counts are citations to the defining cases as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.
All 2 definitions, chronological · 1932–1932
- ORIGINAL
the excess of the deductions allowed by section 214 or 234 over the gross income, with the following exceptions and limitations: "(1) Deductions otherwise allowed by law not attributable to the operation of a trade or business regularly carried on by the taxpayer shall be allowed only to the extent of the amount of the gross income not derived from such trade or business; "(2) In the case of a taxpayer other than a corporation, deductions for capital loss