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A syndicate purchased, by land contract, a plot of land in Michigan. The price was $96,000 with a down payment of $20,000. The vendor retained the interest in the land while the payments were being made. Before the purchase price was paid in full, the syndicate defaulted. The vendor foreclosed and the property was sold at judicial sale. The vendor bought it back. D’s contribution to the purchase money was lost. This was $4,000. Hammel (D) argues that losses from sales which by 165(f) are made deductible only to the limited extent provided by 1211(b) are those losses resulting from sales voluntarily made. D contends that losses resulting from forced sales are not subject to 1211(b) limitations and are deductible in full like other losses under 165(c)(2).

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