HINES v. COMMISSIONER OF INTERNAL REVENUE

No. 4486.

58 F.2d 29 (1932)

HINES et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

April 18, 1932.


Attorney(s) appearing for the Case

William S. Bennet, of Chicago, Ill., for petitioners.

G. A. Youngquist, Asst. Atty. Gen., Sewall Key and F. Edward Mitchell, Sp. Assts. to Atty. Gen., C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and William Cutler Thompson, both of Washington, D. C. (Stanley B. Pierson, Sp. Atty., Bureau of Internal Revenue, of Washington, D. C., of counsel), for respondent.

Before EVANS and SPARKS, Circuit Judges, and BALTZELL, District Judge.


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

The sole issue herein involved is the deductibility from income of Hines of the amount paid by him as a result of his guaranty to protect Shank & Co. from loss incurred by them in the erection of the Edward Hines Jr. Hospital.

Petitioners contend, however, that Hines' loss was initiated when he bought the mortgage securities in December, 1917, and was not caused by his indemnifying contract with...

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