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MILES PRODUCTION COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 30254.

457 F.2d 1150 (1972)

MILES PRODUCTION COMPANY and Ellison Miles, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

April 3, 1972.

Attorney(s) appearing for the Case

Wright Matthews, Robert K. Sands, O. Jan Tyler, Dallas, Tex., Robert L. Trimble, Dallas, Tex., for petitioners-appellants.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, William A. Friedlander, John A. Townsend, Attys., Tax Div., Dept. of Justice, Washington, D. C., K. Martin Worthy, Ch. Cnsl., Daniel J. Boyer, Issie L. Jenkins, Attys., IRS, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellee.

Before JONES, BELL and SIMPSON, Circuit Judges.

SIMPSON, Circuit Judge:

The taxpayers appeal from a decision of the United States Tax Court holding that certain losses were suffered in 1961 on nonbusiness debts, as defined by Title 26 U.S.C., Section 166(d), rather than on business debts under Title 26 U.S.C., Section 166(a), 28 T.C.M. 1387, T.C. Memo. 1969-274 (1969). Applying the standard promulgated by the Supreme Court in United States v. Generes, 1972,

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