Hightower v. United States

FINDINGS OF FACT AND CONCLUSIONS OF LAW

WILLIAM A. McRAE, Jr., Chief Judge.

This case was submitted to the court for consideration and decision by counsel for the parties based upon a completely stipulated record. Plaintiffs filed this action in an effort to recover deficiencies in Federal income tax and interest for the calendar years' 1961 and 1964. The sole issue involves a question of whether or not Plaintiffs are entitled to deduct a loss arising from the demolition of three buildings owned by them in 1964 in the amount of $50,-564.18 pursuant to Section 165(a) of the Internal Revenue Code…