Boston Molasses Co. v. Commissioner of Internal Revenue

WOODBURY, Circuit Judge.

This is a petition for review of a decision of the Tax Court of the United States assessing a deficiency of $3,522.83 in the petitioner’s income tax for its fiscal year ending June 30, 1941. The question presented is whether under § 23(f) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(f),1 the taxpayer may deduct $14,668.35, the unrecovered balance of the cost of a certain bulkhead2 which it had erected on Reserve Channel in Boston Harbor in 1917, on the ground that it had abandoned that bulkhead during the tax year in question.

“(f) Losses by…