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WISHON-WATSON CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 7055.

66 F.2d 52 (1933)

WISHON-WATSON CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

June 14, 1933.

Attorney(s) appearing for the Case

Thomas R. Dempsey and A. Calder Mackay, both of Los Angeles, Cal., for petitioner.

Sewall Key, of Washington, D. C., and John MacC. Hudson, Sp. Asst. to Atty. Gen. (C. M. Charest, Gen. Counsel, and Philip M. Clark, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before WILBUR, MACK, and GARRECHT, Circuit Judges.

GARRECHT, Circuit Judge.

This is an appeal from a decision of the United States Board of Tax Appeals holding that petitioner is not entitled to deductions for losses claimed as a result of an alleged sale of certain of its assets to two members (a majority) of its board of directors, for the reason that petitioner has failed to show that the transfer was an actual bona fide sale.

The material facts found by the Board of Tax Appeals are as follows:

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