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ESTATE OF FINCH v. COMMISSIONER

Docket No. 47876.

24 T.C. 403 (1955)

ESTATE OF URA M. FINCH, DECEASED, ALICE E. FINCH, ADMINISTRATRIX, AND ALICE E. FINCH, INDIVIDUALLY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 15, 1955.

Attorney(s) appearing for the Case

W. G. Boone, Esq., and Charles H. Davis, Esq., for the petitioners.

Homer F. Benson, Esq., for the respondent.

The Commissioner determined a deficiency in income tax for 1948 in the amount of $1,701.68. The only question for decision is whether it is proper to deduct $9,783.48 from the income of the decedent for the last taxable period which ended with his death. The deduction is claimed under section 23 (e) (1) of the 1939 Code as a loss incurred in a trade or business.

The return was filed with the collector of internal revenue for the district of Tennessee.

FINDINGS...

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