Court of Appeals for the Fifth Circuit October 30, 1950, 13204 (Commissioner of Internal Revenue v. Harwick)

HOLMES, Circuit Judge.

This petition for review involves an asserted deficiency in income taxes for the calendar year 1944. The question presented, as stated by petitioner, is whether the Tax Court erred in allowing the taxpayer a deductible loss in 1944, occasioned by the wreck of a vessel owned by him and partially covered by insurance, which wreck admittedly occurred in 1943.