WLS INVESTMENT CO., INC. v. COMMISSIONER

Docket No. 73738.

20 T.C.M. 1159 (1961)

T.C. Memo. 1961-236

WLS Investment Company, Incorporated v. Commissioner.

United States Tax Court.

Filed August 22, 1961.


Attorney(s) appearing for the Case

E. Charles Eichenbaum, Esq., and W. S. Miller, Jr., Esq., Boyle Bldg., Little Rock, Ark., for the petitioner. J. C. Linge, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

TRAIN, Judge:

Respondent determined a deficiency in petitioner's income tax for the calendar year 1955 in the amount of $8,883.78.

The issues for decision are:

(1) Whether petitioner sustained deductible losses due to either the demolition, sale, removal or other disposition of dwelling houses located on five separate parcels of real estate; and

(2) Whether petitioner may deduct as an ordinary...

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