Jay Burns v. Commissioner of Internal Revenue

TUTTLE, Circuit Judge.

In this review of a decision of the Tax Court, involving income tax liability of petitioner for the year 1947, the question is whether a loss resulting from the sale of an unimproved lot in 1947 admittedly purchased in 1926 for use in the bakery business of petitioner, was deductible as an ordinary loss under Sec. 23(e) of the Internal Revenue Code of 1939, or as a capital loss under Secs. 23(g) and 117(a) d). 1

The facts relating to the acquisition, purpose, holding and sale of the lots in question are not in dispute. Taxpayer bought these lots in Tampa, Florida, in…