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AMERICAN CODE CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 109.

30 F.2d 222 (1929)

AMERICAN CODE CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 14, 1929.

Attorney(s) appearing for the Case

Clark H. Hebner, of New York City, for appellant.

Mabel Walker Willebrandt, Asst. Atty. Gen. (Sewall Key and John Vaughan Groner, Sp. Asst. Attys. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C., of counsel), for respondent.

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

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

The correctness of the action of the Commissioner depends upon the construction of the Revenue Act of 1918. Section 234 (a) of that act (40 Stat. 1077) permits a corporation to deduct from its gross income:

"(1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business. * * *

"(4) Losses sustained during the taxable year and not compensated...

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