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SMITH v. COMMISSIONER

Docket No. 3871-70.

31 T.C.M. 190 (1972)

T.C. Memo. 1972-46

Russell T. Smith and Florence V. Smith v. Commissioner.

United States Tax Court.

Filed February 23, 1972.

Attorney(s) appearing for the Case

Richard G. LaValley, 16th Floor, Toledo Trust Bldg., Toledo, Ohio, for the petitioners. Patrick R. McKenzie, for the respondent.

Memorandum Findings of Fact and Opinion

STERRETT, Judge:

Respondent determined a deficiency of $10,504.54 in petitioners' Federal income taxes for the year 1966. Petitioners dispute the asserted deficiency and also claim an overpayment for 1966 in the amount of $1,057.43. The sole question before the Court is whether petitioners under sections 165 and 274 and 12311 are entitled to deduct a loss on the sale of a residential type...

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