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SACK v. COMMISSIONER

Docket No. 67657.

33 T.C. 805 (1960)

LEO AND LILLIAN SACK, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 4, 1960.

Attorney(s) appearing for the Case

Morton J. Glickman, C.P.A., for the petitioners.

Norman L. Rapkin, Esq., for the respondent.

OPINION.

MULRONEY, Judge:

The respondent determined a deficiency in the petitioners' income tax for 1955 in the amount of $2,014.07. The only issue is whether respondent was correct in disallowing a deduction of $15,580 claimed by the petitioners on their 1955 joint income tax return representing a purported loss from the transfer by them of certain stock.

All of the facts have been stipulated and they are incorporated herein by this reference...

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