COMMISSIONER OF INTERNAL REVENUE
v.
HOFFMAN ET AL.
The commissioner seeks reversal of a decision of the Board holding that under section 23(e) (2) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Code, § 23(e) (2), the taxpayers were entitled to deduct from gross income a loss sustained in 1934, when the interest in improved real estate owned by them subject to a mortgage upon which they had not assumed liability, became worthless and they abandoned their interest and so advised the mortgagee, although title remained in them until completion of foreclosure proceedings in the following year. 40 B.T.A. 459. Upon amply sufficient evidence the Board found specifically that the taxpayers’ interest in the property became worthless in 1934. We see no valid ground to differentiate between a loss suffered on real estate and one on personalty, if worthlessness is definitely established. Compare Wieboldt v. Commissioner, 7 Cir., 113 F.2d 384, 386.
On the authority of Denman v. Brum-back, 6 Cir., 58 F.2d 128, 129 and Rhodes v. Commissioner, 6 Cir., 100 F.2d 966, the Board’s decision is affirmed.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By (16 total)
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Helvering v. Jones, 120 F.2d 828 (8th Cir. 1941)
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Commissioner of Internal Revenue v. McCarthy, 129 F.2d 84 (7th Cir. 1942)
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Parker v. Delaney, 186 F.2d 455 (1st Cir. 1950)
Previewing 3 of 16 citing cases — full citator treatment, depth of discussion, and citing context are member features.
Join FLexlaw to unlock all legal intelligenceAuthorities Cited
- Rhodes v. Commissioner of Internal Revenue, 100 F.2d 966 (6th Cir. 1939)
- Denman v. Brumback, 58 F.2d 128 (6th Cir. 1932)
- Wieboldt v. Commissioner of Internal Revenue, 113 F.2d 384 (7th Cir. 1940)