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Income Tax Keyed to Lind
Wasnok v. Commissioner
Facts
Petitioners’, Stephen and Mary Wasnok, are married and resided in Fullerton, California. In 1960 Petitioners bought a home in Cincinnati, Ohio where they were living at the time. After moving to California they attempted to sell the property unsuccessfully. In 1961 Petitioners leased the property for $225 a month. In 1965 Petitioner became unable to make the payments on the mortgage and deeded the property back to the bank in satisfaction of their note in the amount of $24,421.04. They filed income tax returns for the years 1961 through 1964 and claimed total depreciation of $4,697. Petitioners did not file returns in 1965 and 1966. In 1967 they claimed a capital loss carry-forward deduction in the amount of $1,000. In 1968 they claimed another capital loss carry-forward of $389. The Commissioner of Internal Revenue did not allow the capital loss carry-forward deductions arguing that it was an ordinary loss sustained in 1965 and fully deductible in 1965.
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