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PETERS v. COMMISSIONER

Docket Nos. 87775, 87776.

22 T.C.M. 813 (1963)

T.C. Memo. 1963-171

Thomas M. Peters and Marian P. Peters v. Commissioner. Isabel Peters v. Commissioner.

United States Tax Court.

Filed June 20, 1963.

Attorney(s) appearing for the Case

Fred R. Tansill, 824 Connecticut Ave., N. W., Washington, D. C., for the petitioners. Eugene L. Wilpon, for the respondent.

Memorandum Findings of Fact and Opinion

BRUCE, Judge:

Respondent determined deficiences in income tax for the year 1955 against Thomas M. and Marian P. Peters in the amount of $6,130.78, and against Isabel Peters in the amount of $6,540.89.

The sole issue presented is whether the loss of $28,962.39 sustained by petitioners in 1955 upon the sale of 29.216 acres of unimproved real estate owned by them as tenants-in-common constituted an ordinary or...

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