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NATIONAL SLAG CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4370.

47 F.2d 846 (1931)

NATIONAL SLAG CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

March 3, 1931.

Attorney(s) appearing for the Case

Alfred S. Weill, of Philadelphia, Pa. (Albert S. Lisenby, of Washington, D. C., and Weill, Blakely & Nesbit, of Philadelphia, Pa., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Norman D. Keller, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Percy S. Crewe, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before DAVIS, Circuit Judge, and THOMSON and WATSON, District Judges.

DAVIS, Circuit Judge.

This is an appeal from a decision of the United States Board of Tax Appeals which disallowed a deduction of losses sustained by the Quakertown & Bethlehem Railroad Company in 1922 and 1923 in an affiliated return of that company and the National Slag Company for the year 1924.

There is no question but that the companies were affiliated in 1924 within the meaning of section 240 (c) of the Revenue Act of 1924, 26 USCA § 993 note...

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