practical test
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 326 U.S. 287 - Boehm v. Commissioner · 1945Most cited · 1,005 citing opinions
The general requirement that losses be deducted in the year in which they are sustained calls for a practical, not a legal, test. The standard for determining the year for deduction of a loss is thus a flexible, practical one, varying according to the circumstances of each case.