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NICHOLS v. COMMISSIONER

Docket No. 104322.

1 T.C. 328 (1942)

ELLIOTT S. NICHOLS AND ANNE D. NICHOLS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 22, 1942.

Attorney(s) appearing for the Case

Raymond K. Dykema, Esq., and Paul R. Trigg, Jr., Esq., for the petitioners.

Philip M. Clark, Esq., for the respondent.

The respondent has determined an income tax deficiency for 1933 of $62,969.87 on the joint return filed by the petitioners for that year. The only question for our determination is the amount of taxable income, if any, realized on a transaction in which petitioner Elliott S. Nichols and his associates foreclosed on a mortgage on real estate, which they had previously sold, and bid in the property at a price somewhat less than the principal and interest due from the

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