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BRAMPTON WOOLEN CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 2476.

45 F.2d 327 (1930)

BRAMPTON WOOLEN CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, First Circuit.

November 26, 1930.

Attorney(s) appearing for the Case

Henry M. Ward, of Washington, D. C. (Harry A. Fellows, of Washington, D. C., on the brief), for petitioner.

F. Edward Mitchell, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, and Claude R. Branch, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Frank M. Thompson, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., on the brief), for Commissioner.

Before BINGHAM, ANDERSON, and WILSON, Circuit Judges.

ANDERSON, Circuit Judge.

The Board of Tax Appeals affirmed the determination by the Commissioner of Internal Revenue of a deficiency in the taxpayer's profits for 1918, and it appealed to this court. Under section 234(a) of the Act of 1918, 40 Stat. 1077, it is provided:

"Sec. 234. (a) That in computing the net income of a corporation * * * there shall be allowed as deductions:

"(1) All the ordinary and necessary expenses paid or incurred during...

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