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LUDINGTON v. McCAUGHN

No. 3087.

1 F.2d 689 (1924)

LUDINGTON v. McCAUGHN, Collector of Internal Revenue.

Circuit Court of Appeals, Third Circuit.

October 1, 1924.

Attorney(s) appearing for the Case

Weill & Blakely and Ralph B. Evans, all of Philadelphia, Pa. (William D. Guthrie, Hugh Satterlee, and William R. Perkins, all of New York City, and J. S. Y. Ivins, of Albany, N. Y., of counsel), for plaintiff in error.

Nelson T. Hartson, Sol. of Internal Revenue, and John B. Milliken, Sp. Atty. Bureau of Internal Revenue, both of Washington, D. C., George W. Coles, U. S. Atty., of Philadelphia, Pa., and Preston Carter Alexander, of Washington, D. C., for defendant in error.

Before WOOLLEY and DAVIS, Circuit Judges, and SCHOONMAKER, District Judge.

WOOLLEY, Circuit Judge.

This case calls for an interpretation of Sections 214 (a) and 202 (a) of the Revenue Act of 1918 (40 Stat. 1060-1067 [Comp. St. Ann. Supp. 1919, §§ 6336 1/8g, 6336 1/8bb]) allowing deductions in an income tax return for losses sustained and prescribing the method by which they shall be ascertained. The facts, briefly stated, are these:

Prior to March 1, 1913, Charles H. Ludington purchased shares of stock of two corporations...

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