SIEBERT v. COMMISSIONER

Docket No. 3281-68.

53 T.C. 1 (1969)

WILLIAM SIEBERT, SR., AND MYRLE SIEBERT, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 2, 1969.


Attorney(s) appearing for the Case

Robert Lloyd Jeffrey, for the petitioners.

James T. Finlen, Jr., for the respondent.


OPINION

FAY, Judge:

Respondent determined the following deficiencies in the petitioners' income tax for the taxable years 1960 and 1963:

           Year                             Deficiency

           1960 ------------------------    $1,641.16
           1963 ------------------------     3,723.70

On their Federal income tax return for the year 1963, petitioners deducted $25,000 as an ordinary business loss...

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