Commissioner v. Bookstein

SIMONS, Circuit Judge.

Upon the determination and assessment of a deficiency by the Commissioner in taxes of the respondents for the calendar year 1934, the question arose whether, as in Helvering v. Hammel, 6 Cir., 108 F.2d 753, re*997versed 311 U.S. 504, 61 S.Q. 368, 85 L.Ed. 303, 131 A.L.R. 1481, a loss sustained by the taxpayers through the foreclosure of mortgaged real estate was an ordinary loss deductible to its full extent, or was a capital loss limited to $2,000 under the provisions of § 117(d) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 708. The Board of Tax Appeals held…