The Commissioner determined a deficiency of $3,556.51 in income tax for the calendar year 1941. The petitioners contend that the Commissioner erred in failing to allow a deduction of $17,500 representing a loss sustained in 1941 upon the demolition of six buildings on property in Croton Village, New York, and in disallowing a deduction of $625 for legal and accounting fees paid by the petitioners in 1941.
FINDINGS OF FACT.
The petitioners are husband and...
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