Hatboro National Bank v. Commissioner

OPINION.

BRUCE, Judge:

The principal issue presented is to determine the tax consequences of petitioner’s sale of a one-half interest in certain unimproved lots in 1946.

In view of the shifting positions (including its lack of clarity as to any of them) taken by petitioner — in its returns for the taxable years involved, in its petition, in its opening statement at the hearing, and on brief — it is somewhat difficult to apprehend precisely upon what theory petitioner is relying. In its return for the year 1946 petitioner claimed a long-term capital loss of $7,736 on the sale of lots. Respondent…