Joseph Eichelberger & Co. v. Commissioner of Internal Revenue

SIBLEY, Circuit Judge.

The petitioning taxpayer, Joseph Eichelberger & Co., a corporation, asserts that the Board of Tax Appeals erred in holding that a loss of $29,000 in the sale of certain land was realized in 1930 and not in the tax year 1932. The- undisputed facts are that the land cost $35,000 and was in" 1930 conveyed to Umatilla Groves, Inc., for $6,000 to be later paid. Both corporations belonged wholly and in the same proportions to two individuals who were the officers of each. Taxpayer in its income tax return for the year 1930 claimed as a deduction a loss of $29,000 as realized…