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FORBES v. COMMISSIONER OF INTERNAL REVENUE

No. 3387.

62 F.2d 571 (1933)

FORBES et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fourth Circuit.

January 10, 1933.

Attorney(s) appearing for the Case

Robert A. Littleton, of Washington, D. C. (James Mullen, of Richmond, Va., Mason, Spalding & McAtee, of Washington, D. C., and Williams & Mullen, of Richmond, Va., on the brief), for petitioners.

Francis H. Horan, 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 John D. Kiley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before PARKER and SOPER, Circuit Judges, and CHESNUT, District Judge.

PARKER, Circuit Judge.

This proceeding involves the liability of W. S. Forbes during his lifetime for income tax for the year 1926. The Commissioner of Internal Revenue has determined a deficiency of $10,894.22, resulting from the disallowance of a loss of $50,000 in an investment in the stock of the Boyd Packing Company, a Virginia corporation, which the taxpayer claimed he has sustained in the year in question. The Board of Tax Appeals found that the corporation...

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