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the initial sale has gone up or down. * * * [S. Rept.
1361, supra, 1964-2 C.B. at 831].
Applying the plain meaning of the language of the statute, United
States v. Ron Pair Enters., 489 U.S. 235, 242 (1989); National
Life Ins. Co. & Subs. v. Commissioner, 103 F.3d 5, 8 (2d Cir.
1996), affg. 103 T.C. 615 (1994); Belloff v. Commissioner, 996
F.2d 607, 616 (2d Cir. 1993), affg. T.C. Memo. 1991-350, the
legislative history, see S. Rept. 1361, supra, 1964-2 C.B. at
831, and the associated regulations, see sec. 1.1038-1(a), Income
Tax Regs., we hold that petitioner, as a matter of law, is not
entitled to recognize any loss on the reacquisition of the 225-
235 Boston Avenue property.
Even if section 1038 did not forestall a claim to a
concurrent loss under section 165--a claim we reject--petitioner
has not shown that he has satisfied the conditions for allowance
of a loss under section 165.11 We cannot easily identify from
the record what--if any--loss petitioner incurred as a result of
the closed and completed transaction, CRST, Inc. v. Commissioner,
92 T.C. 1249, 1260 (1989), affd. 909 F.2d 1146 (8th Cir. 1990),
attributable to the 1988 sale and 1990 reacquisition that
resulted in petitioner’s receipt and retention of more than $1
million in cash, plus the reacquisition of his property. We
11 Sec. 165(c), which limits the types of losses that
individuals may claim, does not appear to forestall petitioner
from claiming a loss because he is claiming it incident to a
transaction entered into for profit. Sec. 165(c)(2).
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