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CHASE v. COMMISSIONER

Docket No. 7562-86.

92 T.C. 874 (1989)

DELWIN G. CHASE AND GAIL J. CHASE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 24, 1989.

Attorney(s) appearing for the Case

Neil F. Horton, James G. Roberts, for the petitioners.

Rebecca T. Hill, Susan J. Adler, and Bryce A. Kranzthor, for the respondent.

FAY, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the 1980 taxable year in the amount of $1,074,874. After concessions, the following issues are presented for decision:

(1) Did petitioners satisfy section 10311 on the disposition of the John Muir Apartments?

(2) Are petitioners entitled to a short-term capital loss of $783,762, under section 731(a)(2), with respect to the receipt...

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