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REMINGTON RAND, INC. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 284, 285.

33 F.2d 77 (1929)

REMINGTON RAND, Inc., v. COMMISSIONER OF INTERNAL REVENUE. COMMISSIONER OF INTERNAL REVENUE v. REMINGTON RAND, Inc.

Circuit Court of Appeals, Second Circuit.

June 3, 1929.

Attorney(s) appearing for the Case

Cravath, De Gersdorff, Swaine & Wood, of New York City (Hoyt A. Moore, Frederick H. Wood, and Joseph C. White, all of New York City, of counsel), for taxpayer.

Mabel Walker Willebrandt, Asst. Atty. Gen., and Sewall Key and Andrew D. Sharpe, Sp. Asst. Attys. Gen. (C. M. Charest, Gen., Counsel, E. C. Alvord, and P. S. Crewe, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., of counsel), for Commissioner.

Before MANTON, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

SWAN, Circuit Judge (after stating the facts as above).

It is unnecessary to demonstrate by specific reference to the provisions of the Revenue Act of 1918 (40 Stat. 1057) that generally gains from sales made within the tax year must be included in taxable income and that losses on sales may be deducted from gross income. If an individual taxpayer had purchased the stock of this subsidiary company for $45,000 in 1917 and had...

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