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GILBERT v. COMMISSIONER OF INTERNAL REVENUE

No. 2608.

56 F.2d 361 (1932)

GILBERT v. COMMISSIONER OF INTERNAL REVENUE. CHASE v. SAME.

Circuit Court of Appeals, First Circuit.

February 25, 1932.

Attorney(s) appearing for the Case

Howard W. Brown, of Boston, Mass., for petitioners.

Claude R. Branch, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, J. Louis Monarch, and William Earl Smith, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Bruce A. Low, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for Commissioner of Internal Revenue.

Before BINGHAM and WILSON, Circuit Judges, and MORTON, District Judge.

MORTON, District Judge.

These are appeals from a decision of the Board of Tax Appeals (Revenue Act of 1926, c. 27, §§ 1001-1003, 44 Stat. 9, 109, 110 [26 USCA §§ 1224 and note, 1225, 1226]). Both cases involve the same question, whether a certain loss sustained by the respective appellants in 1926 was an income loss or a capital loss. The Board ruled that it was a capital loss, and the petitioners appealed.

The petitioners were partners...

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