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STEADMAN v. C. I. R.

No. 19486.

424 F.2d 1 (1970)

Charles W. STEADMAN and Dorothy F. Steadman, Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Sixth Circuit.

April 10, 1970.

Attorney(s) appearing for the Case

Michael H. Singer, Department of Justice, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Joseph Kovner, Attys., Department of Justice, Washington, D. C., on the brief, for appellant.

William F. Snyder, Cleveland, Ohio, Marshman, Snyder & Seeley, Cleveland, Ohio, on the brief, for appellees.

Before PHILLIPS, Chief Judge, CELEBREZZE, Circuit Judge, and O'SULLIVAN, Senior Circuit Judge.

O'SULLIVAN, Senior Circuit Judge.

This is an appeal by the Commissioner of Internal Revenue from a decision of the Tax Court reported as Charles W. Steadman, 50 T.C. 369 (1968). Therein the Tax Court held valid the taxpayers' claim of an ordinary loss deduction for the year 1962, in the amount of $80,000, being taxpayers' purchase price for shares of corporate stock which became worthless in the year 1962. The Commissioner contends...

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