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BURKE v. COMMISSIONER

Docket No. 59562.

32 T.C. 775 (1959)

STANLEY BURKE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 29, 1959.

Attorney(s) appearing for the Case

Dermot R. Long, Esq., for the petitioner.

Earl C. Crouter, Esq., for the respondent.

PIERCE, Judge:

The Commissioner determined a deficiency of $19,622.87 in the petitioner's income tax for the year 1950.

The two issues for decision are:

(1) Whether the petitioner is entitled to deduct in 1950, as an abandonment loss under section 23(e)(2) of the 1939 Code, the cost of concrete building foundations and architect's plans for a luxury hotel on which construction had been suspended in 1946 following

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