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AZAR NUT CO. v. C.I.R.

No. 90-4462.

931 F.2d 314 (1991)

AZAR NUT COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

May 15, 1991.

Attorney(s) appearing for the Case

Karin A. Brandys, Alejandro Acosta, Hector Delgado, Ginnings, Birkelbach, Keith & Delgado, El Paso, Tex., for petitioner-appellant.

Joan I. Oppenheimer, Gary R. Allen, Chief, Appellate Sec. Tax Div., Dept. of Justice, Gilbert S. Rothenberg, Shirley D. Peterson, Asst. Atty. Gen., Abraham N.M. Shashy, Jr., Chief Counsel, I.R.S., Washington, D.C., for respondent-appellee.

Before WISDOM, JOLLY and DAVIS, Circuit Judges.

W. EUGENE DAVIS, Circuit Judge:

Azar Nut Company ("Azar") incurred a loss when it sold a house purchased from an employee pursuant to an employment contract. The Tax Court rejected Azar's attempt to deduct the loss as an ordinary loss under I.R.C. § 165 or as an ordinary and necessary business expense under I.R.C. § 162. We affirm.

I.

Azar is in the business of processing, packaging, and marketing nuts in El Paso, Texas. As owners Edward...

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