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ROSE v. C.I.R.

No. 1176, Docket 88-4023.

855 F.2d 65 (1988)

Alan V. ROSE and Christina Rose, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided August 26, 1988.

Attorney(s) appearing for the Case

Vicki G. Cheikes, New York City, for petitioners-appellants.

Kenneth W. Rosenberg, Atty., Tax Div., Dept. of Justice, Washington, D.C. (William S. Rose, Jr., Asst. Atty. Gen., Gary R. Allen, Ann Belanger Durney, Attys., Tax Div., Dept. of Justice, Washington, D.C., of counsel), for respondent-appellee.

Before MESKILL and WINTER, Circuit Judges, and McCURN, District Judge.

PER CURIAM:

This appeal presents the question of whether a bad debt deduction should be disallowed under Section 1038(a) of the Internal Revenue Code, 26 U.S.C. § 1038(a) (1982), which disallows such a deduction where a taxpayer takes debt in exchange for real property and later reacquires the property in satisfaction of the debt. We conclude that the taxpayer in this case reacquired the property in satisfaction of the debt and affirm the judgment of the Tax...

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