Superior Coal Co. v. Commissioner

MAJOR, Circuit Judge.

The Tax Court upheld respondent’s action in denying to petitioner a claimed deduction for alleged loss sustained during the tax year of 1939. From this decision of the Tax Court, petitioner seeks a review.

The question for decision is whether the Tax Court correctly determined that certain coal rights of petitioner had become worthless prior to the tax year 1939, in which the loss on such rights was claimed.

The parties differ as to the manner in which this question is to be determined. Petitioner contends that the issue is whether the Tax Court erred in applying a wholly…