Wieboldt v. Commissioner

SPARKS, Circuit Judge.

This petition for review of a decision of the Board of Tax Appeals presents the question whether a certain loss sustained by petitioner in 1934 was ts as an ordinary or a capital loss. The 1 of Tax Appeals found that it was the hence held that only a partial deduction could be taken in computing the taxpayer’s net income for the year. Petitioner contends that it was an ordinary one, deductible in full under the provisions of the statute.

The facts were stipulated. In 1927, petitioner purchased for investment purposes an apartment building, paying therefor $30,000 in cash,…