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IN RE PARK'S ESTATE

No. 344.

58 F.2d 965 (1932)

In re PARK'S ESTATE. PARK v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

May 23, 1932.

Attorney(s) appearing for the Case

George M. Morris and Frederick L. Pearce, both of Washington, D. C. (KixMiller, Baar & Morris, of Washington, D. C., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Francis H. Horan, Sp. Assts. to Atty. Gen., C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Harold Allen, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

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

CHASE, Circuit Judge (after stating the facts as above).

It is claimed that the $100,000 is deductible from 1924 income as a loss under the provisions of section 214 of the Revenue Act of that year (26 USCA § 955). If so, the deduction must fall within some one of subdivisions (4), (5), (6), or (7), of section 214 (a), 26 USCA § 955 (a) (4-7). They follow so far as material.

"(4) Losses sustained during the taxable year and not compensated for by...

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