James W. Williams v. Commissioner of Internal Revenue

James W. Williams appeals an order of the tax court finding a deficiency in his income taxes for the year 1971 in the amount of $87,810. Finding the disposition of the tax court to be correct, we affirm on the basis of that court’s opinion, which is appended hereto.

Appendix

T. C. Memo. 1977-401 UNITED STATES TAX COURT

MEMORANDUM OPINION

SCOTT, Judge:

Respondent determined a deficiency in petitioner’s income tax for the calendar year 1971 in the amount of $87,810. The issue for decision is whether petitioner sustained a loss in 1969 from his investment in Westec stock resulting in a capital loss…