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DENMAN v. SLAYTON

No. 60.

282 U.S. 514 (1931)

DENMAN, ADMINISTRATOR OF THE ESTATE OF CHARLES H. NAUTS, COLLECTOR OF INTERNAL REVENUE, v. SLAYTON.

Supreme Court of United States.

Decided February 24, 1931.

Attorney(s) appearing for the Case

Assistant Attorney General Youngquist, with whom Solicitor General Thacher and Messrs. Claude R. Branch, J. Louis Monarch and Morton Poe Fisher, Special Assistants to the Attorney General, Clarence M. Charest, General Counsel, Bureau of Internal Revenue, and T.H. Lewis Jr., Special Attorney, were on the brief, for petitioner.

Mr. Thomas O. Marlar, with whom Mr. E.J. Marshall was on the brief, for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

During the year 1922, while respondent Slayton engaged in the business of buying, carrying and selling tax-exempt municipal bonds, he collected $65,720.06 as interest on securities of that character which he owned. He paid out $78,153.84 for interest on money borrowed by himself in due course for the purpose of purchasing and carrying exempt securities. In his return...

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