No. 199.

283 U.S. 223 (1931)


Supreme Court of United States.

Decided April 13, 1931.

Attorney(s) appearing for the Case

Assistant Attorney General Youngquist, with whom Solicitor General Thacher and Messrs. Sewall Key and A.H. Conner, Special Assistants to the Attorney General, Erwin N. Griswold, and Clarence M. Charest, General Counsel, and Allin H. Pierce, Special Attorney, Bureau of Internal Revenue, were on the brief, for petitioner.

Mr. William Clarke Mason, with whom Mr. John Russell, Jr., was on the brief, for respondent.

Messrs. James Craig Peacock and Gerald Ronon, by special leave of Court, filed a brief as amici curiae.

MR. JUSTICE SUTHERLAND delivered the opinion of the Court.

The question in this case arises under § 214 (a) of the Revenue Act of 1918, c. 18, 40 Stat. 1057, 1066, 1067, the pertinent part of which is as follows:

"Sec. 214 (a). That in computing net income there shall be allowed as deductions:

"(5) Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit...

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