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LIBERMAN'S COMMITTEE v. COMMISSIONER OF INT. REV.

No. 10.

54 F.2d 527 (1931)

LIBERMAN'S COMMITTEE v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

December 14, 1931.

Attorney(s) appearing for the Case

Olvany, Eisner & Donnelly, of New York City (Mark Eisner and Ferdinand Tannenbaum, both of New York City, of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen. (Sewall Key and Morton K. Rothschild, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, Eugene Harpole and Edwin M. Niess, Sp. Attys., Bureau of Internal Revenue, all of Washington, D. C., of counsel), for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

The deficiencies in question resulted from computation of the taxpayer's net income for the taxable periods in question without allowing any deduction on account of a "net loss" claimed to have been sustained by the taxpayer for the year 1923 under section 204 of the Revenue Act of 1921 (42 Stat. 231), and to be deductible under the provisions of section 206 of the Revenue Act of 1924 (43 Stat. 260 [26 USCA § 937 and note]). The Board of...

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