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CUMMINGS v. COMMISSIONER

Docket No. 2653-71.

60 T.C. 91 (1973)

NATHAN CUMMINGS AND JOANNE T. CUMMINGS, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 23, 1973.

Attorney(s) appearing for the Case

Anderson A. Owen, Edward W. Rothe, and Glen H. Kanwit, for the petitioners.

Nelson E. Shafer, for the respondent.

SIMPSON, Judge:

The respondent determined a deficiency of $45,790.18 in the petitioners' Federal income tax for 1962. The only issue for decision is whether the petitioner may deduct as a business expense under section 162(a) of the Internal Revenue Code of 1954,1 or as a business loss under section 165(a), a payment of $53,870.81 which he made to MGM in 1962 when the Securities and Exchange Commission indicated that he might be...

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