Crowley, Milner & Company, a Michigan Corporation v. Commissioner of Internal Revenue

BOYCE F. MARTIN, Jr., Circuit Judge.

The Commissioner of Internal Revenue appeals the Tax Court’s Determination that Crowley, Milner and Company may take an ordinary loss deduction under section 1002 of the Internal Revenue Code of 1954. 26 U.S.C. § 1002 (1976). Taxpayer deducted a loss from the sale of real property pursuant to a sale and leaseback agreement, and the Tax Court found no deficiency in Taxpayer’s income tax for 1976. 76 T.C. 1030 (1981). We affirm the decision of the Tax Court.

The facts of this case are not in dispute. Taxpayer is a corporation in the retail sales business,…