Fred and Irene Rosenthal v. Commissioner of Internal Revenue

IRVING R. KAUFMAN, Circuit Judge:

This case comes before us on petition of the taxpayers for review of a decision of the Tax Court, 48 T.C. 515 upholding the Commissioner’s determination of deficiencies in their income tax for the taxable year 1960.1 The issue it presents for our determination is the proper method of computing a casualty loss deduction claimed under § 165 of the Internal Revenue Code for the partial destruction of a timber tract.

I

All of the petitioners herein either owned an interest in or filed a joint return for the taxable year 1960 with a person then owning an interest in…