Jones v. Commissioner of Internal Revenue

ORR, Circuit Judge:

Petitioner and her late husband, .Grover Jones, in May 1931, completed the purchase of certain real estate known as the Tiger Tail property situated in Beverly Hills, California. The purchase price was $16,-500. It is admitted -that the real estate was purchased with the intent of erecting thereon a home to be occupied by petitioner and her late husband. The purchasers, at the time of making the purchase, were assured by the real estate broker with whom they dealt that they would have no difficulty in securing ownership of some adjoining land which the purchasers desired in…