...Individuals. — LAW. Section 214. (a) That in computing net income there shall be allowed as deductions: .... (5) Losses sustained during the taxable year and not...connected with the trade or business; but in the case of a nonresident alien individual only if the profit, if such transaction had resulted in a profit, would...

...the taxable year and not compensated for by insurance or otherwise, if incurred in trade or business; (5) Losses sustained during the taxable year and not...profit, though not connected with the trade or business; .... (6) Losses sustained during the taxable year of property not connected with the trade or business...

...; (5) Losses sustained during the taxable year and not compensated for by insurance or otlicrwi.se, if incurred in any transaction entered into for profit,...connected with the trade or business; but in the case of a nonresident alien individual only as to such transactions within the United States; (6) Losses sustained...

...allowed as deductions : »*»*•*» (5) Losses sustained during the taxable year and not compensated lor by insurance or otherwise, if incurred in any transaction...profit, though not connected with the trade or business; * * » In support of their appeal petitioners urge several theories, viz, first, that the venture was...

...nonresident alien individuals, however, (i) losses sustained during the taxable year and not compensateu tor by insurance or otherwise, if incurred in any transaction...profit, though not connected with the trade or business, are deductible only ii and to the extent that the profit, if such transaction had resulted in a prolit,...

...into for profit.— Under Section 214 (a-5) of the 1918 law an individual may deduct all net losses "if incurred in any transaction entered into for profit, though not connected with the trade or busiriess." The chief factors which decide the deductibility of this class of losses are : (1) The...

...the taxable year and not compensated for by insurance or otherwise, if Incurred in trade or business; (5) Losses sustained during the taxable year and not...otherwise, if incurred in any transaction entered Into for profit * * *. Section 204 of the Revenue Act of 1921 prescribes the manner in which taxpayers may claim...

...Insurance or otherwise, if incurred in trade or business ; (5) Lo?ses sustained during the taxable year and not compensated for by Insurance or otherwise, If...entered into for profit, though not connected with the tnule or business; * * * 10) Losses sustained during the taxable year of property not connected with...

...article 1071.) In the case of such taxpayers, however, (1) losses sustained during the taxable year and not compensated for by insurance or otherwise, if...profit, though not connected with the trade or business, are deductible only if and to the extent that the profit, if such transaction had resulted in a profit,...

...the Revenue Act of 1921, which allows the deduction of " losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit, although not connected with the trade or business." Despite the petitioner's testimony that...