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KRUSE v. COMMISSIONER

Docket No. 64599.

29 T.C. 463 (1957)

ALFRED KRUSE AND DOROTHY G. KRUSE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 19, 1957.

Attorney(s) appearing for the Case

Karl F. Herrmann, Esq., for the petitioners.

Donald W. Wolf, Esq., for the respondent.

OPINION

FISHER, Judge:

Respondent determined a deficiency in income tax of petitioners for the year 1954 in the amount of $186.58. The basic issue is whether a loss suffered in 1952 on foreclosure sale of a theater building was an ordinary loss deductible only for 1952 or whether it was a capital loss permitting a carryover to the year 1954 (subject to statutory limitations in amount) under the provisions of section 117 (e) (1).

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