Commissioner of Internal Revenue v. Peterman

I think no loss occurred until the time for redemption had expired. Commissioner v. Hawkins, 5 Cir., 91 F.2d 354; Nickoll v. Commissioner, 7 Cir., 103 F.2d 619, 621. Such a situation seems to me to be analogous to the case where a judgment is entered, but the time within which an appeal might be taken has not expired. See H. Liebes & Co. v. Commissioner, 9 Cir., 90 F.2d 932, 938. In my opinion the loss herein claimed did not occur in the year 1936, and was therefore improperly claimed in the return for that year. The petition herein should be granted and the decision of the Board of Tax…