The respondent determined a deficiency in the petitioners' income tax for the year 1948 in the amount of $2,427.78. The issues are (1) whether the petitioners are entitled to a loss deduction of $134,009.53, either under section 23 (e) (1) or section 23 (e) (2) of the 1939 Internal Revenue Code, as a result of the alleged nationalization in 1948 of a quantity of veneers located in Budapest, Hungary; (2) whether the petitioners are entitled to a long-term capital loss in the...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
