Puente v. Commissioner of Internal Revenue

Petitioners seek to set aside an order of the Tax Court denying their claim that a loss sustained by them in the year 1945 on a foreclosure sale of their dairy herd and equipment used by them in the operation of their dairy business in 1944 and 1945 could be carried back, to the taxable year under § 122(d) (5) of the Internal Revenue Code, 26 U.S.C.A. § 122(d) (5). They concede that the issue presented is substantially the same as that in the following cases which have been decided adversely to the taxpayers: Lazier v. United States, 8 Cir., 170 F.2d 521, 9 A.L.R.2d 324; Sic v. Commissioner,…