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ECHOLS v. COMMISSIONER OF INTERNAL REVENUE

No. 9441.

61 F.2d 191 (1932)

ECHOLS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

August 20, 1932.

Attorney(s) appearing for the Case

Fadjo Cravens, of Fort Smith, Ark., for petitioner.

Hayner N. Larson, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Maxwell M. Mahany, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before STONE, KENYON, and VAN VALKENBURGH, Circuit Judges.

KENYON, Circuit Judge.

Petitioner in the year 1924 purchased $5,500 worth of stock in the Pine Mountain Coal Company. In 1927, the corporation was liquidated by bankruptcy proceedings. The proceeds of the assets were insufficient to pay the corporation debts, and nothing was distributed to any of the stockholders as the result of the liquidation. Petitioner in his income tax return for the year 1927 treated this loss as a capital loss, and as he had realized capital...

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