...determined under this section, on the sale or exchange of property shall be recognized. *SEC. 166. LOSSES. (a) GENERAL RULE.— There shall be allowed...any loss sustained during the taxable year and not compensated for by insurance or otherwise. On December 31, 1980, petitioner simultaneously bought and...

...loss sustained during the taxable year and not compensated for by insurance or otherwise. ******* (d LIMITATION ON LOSSES OF INDIVIDUALS.— In the case...deduction under subsection (a) shall be limited to — (1) losses incurred in a trade or business; (2) losses incurred in any transaction entered into...

...types of losses under general language very similar to that contained in the present section 165 (a) : SEC. 165. LOSSES. (a) GENERAL RULE. — There shall...deduction any loss sustained during the taxable year * * * See also sec. 23 (e) , (f ) , 1939 Code; sec. 23 (e) and (f ) , Revenue Acts of 1938, 1936, 1934,...

...DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS." Subsection (a) of section 165 specifically sets forth as the general rule : "There shall be allowed as a deduction...any loss sustained during the taxable year and not compensated for by insurance or otherwise." (Emphasis added.) Subsection (c) carves out certain limitations...

...for determining the loss from the sale or other disposition of property. (c) LIMITATION ON LOSSES or INDIVIDUALS. — In the case of an individual, the...deduction under subsection (a) shall be limited to — (2) losses incurred in any transaction entered into for profit, though not connected with a trade...

...underlying land, rather than to its basis in the plant itself. OPINION Section 165(a) provides that there shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. The regulations provide that the loss incurred in a trade...

...limitations on deducibility in cases of losses sustained by individuals. It provides in relevant part: In the case of an individual, the deduction under subsection (a) shall be limited to — (3) losses of property not connected with a trade or business, if such losses arise from fire,...

...partnership's name was changed in any way. In some in'«SEC. 165. LOSSES. (a) GENERAL RULE.—There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. Sec. 1.165-2(a), Income Tax Regs., provides in pertinent...

...Transport Corporation, 28 TC 421, 425-426 (1957).4 • SEC. 165. LOSSES (a) GENERAL ROLE.— There shall he allowed as a deduction any loss sustained during the taxable year and not compensated for by Insurance or otherwise. • ••••»• (e) THEFT LOSSES.— For purposes...

...means of the abandonment of worthless property in the taxable years at issue. Section 165(a) allows as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. In general, a deductible loss is sustained "during the taxable...