CUMMINGS, Chief Judge.
On his 1973 income tax return, Frank L. Laport claimed an ordinary loss deduction of $150,841, representing his out-of-pocket costs in a failed real estate transaction. The Commissioner of Internal Revenue agreed with the computation of the loss but not with its characterization. He found instead that it was a capital loss, deductible only to the extent of $1,000 against ordinary income. Accordingly he determined that Laport had underpaid his...
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