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JOHN R. THOMPSON CO. v. UNITED STATES

No. 70 C 1373.

338 F.Supp. 770 (1971)

JOHN R. THOMPSON CO., a corporation, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, N. D. Illinois, E. D.

September 22, 1971.

Attorney(s) appearing for the Case

Douglas L. Barnes, William A. Cromartie, Hopkins, Sutter, Owen, Mulroy & Davis, Chicago, Ill., for plaintiff.

Herbert Grossman, Dept. of Justice, Tax Div., Washington, D. C., for defendant.

MEMORANDUM OPINION

WILL, District Judge.

This is an action to recover federal income taxes. The record in this case consists of the pleadings, a stipulation filed June 16, 1971, and the depositions of John R. Thompson and Theodore P. Parker submitted to the Court in lieu of a trial. The basic issue in this case is whether plaintiff sustained a loss which is deductible from ordinary income in computing its federal income tax under either Section 165 or Section...

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