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C. I. R. v. CONDIT

No. 7609.

333 F.2d 585 (1964)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. D. J. CONDIT, Respondent.

United States Court of Appeals Tenth Circuit.

June 19, 1964.

Attorney(s) appearing for the Case

Crombie J. D. Garrett, Atty., Dept. of Justice (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and I. Henry Kutz, Attys., Dept. of Justice, were with him on the brief), for petitioner.

Lowry McKee, Tulsa, Okl., for respondent.

Before BREITENSTEIN, HILL and SETH, Circuit Judges.

BREITENSTEIN, Circuit Judge.

The Commissioner seeks review of a Tax Court decision1 allowing taxpayer Condit a deduction in the amount of $6,100 as a loss "incurred in any transaction entered into for profit, though not connected with a trade or business."2

The facts are undisputed. Taxpayer and one Conard agreed in 1954 to open a store in Tulsa and to share equally the profits and losses. Taxpayer...

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