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AFIA FINANCE CORPORATION v. COMMISSIONER

Docket No. 361-62.

41 T.C. 255 (1963)

AFIA FINANCE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 21, 1963.

Attorney(s) appearing for the Case

Edward G. Hearn, for the petitioner.

Robert A. Trevisani, for the respondent.

WITHEY, Judge:

The respondent has determined a deficiency of $23,894 in the petitioner's income tax for 1958. The issues presented are the correctness of the respondent's action: (1) In failing to determine that on December 11, 1941, the petitioner sustained a war loss in the amount of $240,979.49, representing its cost basis of $300,000 par value German External Loan 1924 7-percent Bonds, due October 15, 1949, owned...

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