Rumsey v. Commissioner

SWAN, Circuit Judge.

The questions presented by this petition are two: (1) Whether the petitioner sustained a deductible loss upon the *159sale of a houseboat in 1930; and (2) whether he incurred a deductible expense in connection therewith. He had purchased the boat in May, 1924, and had used it as a summer residence until October 15, 1929. At that time, having decided to buy a larger houseboat (which he did in May, 1930), he put the old one in the hands of yacht brokers for sale or charter. The brokers attempted to sell or rent the boat by advertising it, circularizing their customers, and other…