Warren v. Commissioner

SIMONS, Circuit Judge.

The facts in this case do not differentiate it from C. L. Gransden & Co. v. Commissioner, and Tuttle v. Commissioner, 6 Cir., 117 F.2d 80, this day decided. As stipulated, they show that the petitioners’ decedent suffered a substantial loss by virtue of principal payments and betterments to improved property purchased on land contract from vendors who had themselves bought the property upon contract. Later, the petitioners’ decedent quit-claimed all his right, title, and interest to his vendors and was released from liability for further payments. As in the principal…