The Tax Court recently upheld the IRS's denial of an ordinary loss
and other deductions claimed by Robert and Pamela Redisch with respect to their former second home (Redisch, T.
165-5(i): Prior to March 12,2008, taxpayers could claim ordinary loss
deductions under Regs.
Yet, if the liquidation fails section 332, the parent is entitled to an ordinary loss
The selling business can generally treat the proceeds of the sale as capital gains, and in some cases might even be able to realize an ordinary loss
, but depredation will be recaptured at the time of sale.
Accordingly, financial results for the first half of fiscal year 2009 were mostly in line with the 1H fiscal year 2009 forecasts announced on April 27 (1H fiscal year 2009 forecasts published on April 27: net sales of 600 billion yen; operating loss of 35 billion yen; ordinary loss
of 40 billion yen; net loss for the term of 45 billion yen).
8% Operating loss (33,000) (54,529)- Ordinary loss
(37,500) (54,420) - Net (83,000) (130,529) -
Revised forecast net loss for the group for the fiscal year 2008 is now JPY63bn and ordinary loss
is forecast to be JPY82bn.
If the fair market value of such real estate assets has decreased below the developer's adjusted tax basis, the sale or transfer of such assets will generally trigger an ordinary loss
to the developer.
The huge ordinary loss
for the year to March 31 this year led the BOJ to suffer a year-on-year dive of 90.
If the net result is a loss, you treat the net loss as an ordinary loss
It is not subject to the 2% floor as an ordinary loss
on Schedule A.
This was no ordinary loss
, rather a colossal one bred of youth and inexperience and sloppiness that will sting for the days to come.