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LEDERER v. PARRISH

No. 3541.

16 F.2d 928 (1927)

LEDERER v. PARRISH et al.

Circuit Court of Appeals, Third Circuit.

January 11, 1927.

Attorney(s) appearing for the Case

George W. Coles, U. S. Atty., and Joseph L. Kun, Asst. U. S. Atty., both of Philadelphia, Pa., for plaintiff in error.

R. Sturgis Ingersoll, of Philadelphia, Pa. (Ballard, Spahr, Andrews & Madeira, of Philadelphia, Pa., of counsel), for defendants in error.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

BUFFINGTON, Circuit Judge.

This is an income tax case. Three men were equal partners in a bond and brokerage business. Two of the partners, fearing a customer's account would eventually result in a loss to the firm, insisted on closing it. The third partner insisted on continuing the account, and agreed, if its continuance resulted in a loss, he would personally assume and pay it. The loss occurred, and the third partner paid it. This he did by having the firm charge...

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