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ENGLAND-COOK CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 8780.

124 F.2d 432 (1941)

ENGLAND-COOK CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

December 11, 1941.

Attorney(s) appearing for the Case

Cook, Smith, Jacobs & Beake, of Detroit, Mich., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Sewall Key, Claude R. Marshall, and Louise Foster, Sp. Assts. to Atty. Gen., all of Washington, D.C., for respondent.

Before SIMONS, HAMILTON, and McALLISTER, Circuit Judges.

PER CURIAM.

The question before the court being whether a loss suffered by the petitioner as a result of its ownership of mortgaged property was an ordinary loss deductible to the full extent, or a capital loss growing out of a sale or exchange of capital assets and so allowable only to the extent provided in § 117 (d), 26 U.S.C.A.Int.Rev.Code; and the court perceiving no distinguishing feature of the transaction by which the property was retransferred by the...

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