Southern Coast Corp. v. Commissioner

Southern Coast Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent

Southern Coast Corp. v. Commissioner

Docket No. 26971

United States Tax Court

17 T.C. 824; 1951 U.S. Tax Ct. LEXIS 31;

November 27, 1951, Promulgated

Decision will be entered for the respondent.

Amounts expended by petitioner in consideration for option to buy property held, upon failure to exercise option, deductible only as short term capital loss under section 117 (g) (2), Internal Revenue Code.

Sam G. Winstead, Esq., for the petitioner.

D. Louis Bergeron, Esq., for the respondent.

Opper, Judge. Johnson, J.,…