International Trading Company v. Commissioner of Internal Revenue

PELL, Circuit Judge.

This appeal from a decision of the tax court while involving a narrow issue is not without broader significance because of underlying implications bearing on the scope of judicial review of statutes, particularly the Internal Revenue Code. The issue for decision is whether the corporate taxpayer was entitled to claim and carryover a loss resulting from the sale of improved real estate not claimed either to be used in trade or business or held for the production of income. The underlying issue is whether we should take the legislation as clearly written by the Congress or…