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HUTTON v. COMMISSIONER OF INTERNAL REVENUE

No. 5502.

39 F.2d 459 (1930)

HUTTON v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 25, 1930.

Attorney(s) appearing for the Case

John E. McClure, of Washington, D. C., and Haines H. Hargrett, of Atlanta, Ga. (Miller & Chevalier, of Washington, D. C., and Spalding, MacDougald & Sibley, of Atlanta, Ga., on the brief), for petitioner.

Shelby S. Faulkner, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., Mabel Walker Willebrandt, Asst. Atty. Gen., Sewall Key and Helen R. Carloss, Sp. Assts. to the Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C. (G. A. Youngquist, Asst. Atty. Gen., and John Mac C. Hudson, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

Before WALKER, BRYAN, and FOSTER, Circuit Judges.

FOSTER, Circuit Judge.

The only question presented in this case is whether commissions paid to brokers for the purchase of securities should be considered part of their cost or an expense of doing business.

The findings of fact made by the Board of Tax Appeals recite that petitioner is an individual residing in Palm Beach, Fla., and engaged in the business of buying, holding, and selling realties, securities, etc....

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