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MAY, STERN & CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4594.

56 F.2d 1034 (1931)

MAY, STERN & CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

On Rehearing March 23, 1932.

Attorney(s) appearing for the Case

Louis Caplan and Charles H. Sachs, both of Pittsburgh, Pa. (Sachs & Caplan, of Pittsburgh, Pa., of counsel), for petitioner.

Wm. Cutler Thompson, of Washington, D. C., for respondent.

Norman D. Keller, of Washington, D. C., for respondent on rehearing.

Before BUFFINGTON, WOOLLEY and DAVIS, Circuit Judges.

BUFFINGTON, Circuit Judge.

This was an appeal by a taxpayer from a decision of the Board of Tax Appeals. Ever since its incorporation in 1906, the taxpayer, a large merchandise installment house, has used a method of accounting in which the freight and drayage on incoming merchandise, bought for resale, was charged to business expense and deducted from gross profit for the year in which made. This system of bookkeeping it still continues, and, under the law, it was...

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