United States Supreme Court Cases & Opinions

U.S. Supreme Court

Heiner v. Tindle, 276 U.S. 582 (1928)

Heiner v. Tindle

No. 341

Argued March 7, 1928

Decided April 9, 1928

276 U.S. 582

Syllabus

1. Under the Revenue Act of 1918, § 215(a)5, the devotion of a house theretofore purchased and used as the taxpayer's residence, exclusively to the production of taxable income in the form of rentals, is a "transaction entered into for profit" as of the date when the change was made, and when such change occurred before March 1, 1913, and the new use continued until the property was sold at a loss after the date of the Act, the amount of loss deductible in computing net income is the difference between the sale price and the value of the property on the date of the change, or, if that value be larger than the March 1, 1913, value, then the difference between the sale price and the value on March 1, 1913. P. 276 U. S. 585.

Page 276 U. S. 583

2. Article 141 of Treasury Regulations 45 refers to property used by the taxpayer as a residence up to the time of sale. P. 276 U. S. 586.

18 F.2d 452 reversed.

Certiorari, 275 U.S. 514, to a judgment of the circuit court of appeals which reversed a judgment for the Collector in an action to recover money paid as income taxes.