Warfield v. Commissioner
United States Board of Tax Appeals
The petitioner was the part owner of property, subject to a mortgage, and was unable to meet his share of the interest and curtail of the mortgage debt. Upon a foreclosure proceeding the property was sold at public sale and the petitioner lost his entire investment in the property. Held, that the loss so sustained was an ordinary loss deductible in full and is not a capital loss subject to the limitation of section 117 of the Revenue Act of 1934.
1Opinion of the Court
C. GRIFFITH WARFIELD, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Warfield v. Commissioner
Docket No. 89170.
United States Board of Tax Appeals
38 B.T.A. 907; 1938 BTA LEXIS 808;
October 18, 1938, Promulgated
The petitioner was the part owner of property, subject to a mortgage, and was unable to meet his share of the interest and curtail of the mortgage debt. Upon a foreclosure proceeding the property was sold at public sale and the petitioner lost his entire investment in the property. Held, that the loss so sustained was an ordinary loss deductible in full and is not a capital…
2Cases cited3 opinions
- Commonwealth, Inc. v. CommissionerUnited States Board of Tax Appeals · 1937
- Greisler v. CommissionerUnited States Board of Tax Appeals · 1938
- Warfield v. CommissionerUnited States Board of Tax Appeals · 1938