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HASSEN v. C. I. R.

No. 77-2298.

599 F.2d 305 (1979)

Erwin E. HASSEN and Estate of Birdie B. Hassen, Deceased, Nathan Hassen, Administrator, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Ninth Circuit.

June 25, 1979.

Attorney(s) appearing for the Case

Richard K. Seltzer, of Hahn, Cazier, Hoegh & Leff, Los Angeles, Cal., for appellants.

M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Chief, App. Section, Gary R. Allen and John G. Manning, Tax Div., Dept. of Justice, Washington, D. C., for appellee.

Before GOODWIN and ANDERSON, Circuit Judges, and FERGUSON, District Judge.

FERGUSON, District Judge:

This is an appeal from a decision of the United States Tax Court which held that appellants' claimed deduction of a loss of $477,825.44 was barred by Section 267(a)(1) of the Internal Revenue Code. We hold that the tax court properly disallowed the loss. 63 T.C. 175 (1974).

FACTS

The facts are not in dispute. The parties stipulated to them in the tax court and they are, in relevant...

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