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WALLACE v. COMMISSIONER OF INTERNAL REVENUE

No. 6926.

62 F.2d 826 (1933)

WALLACE v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

January 9, 1933.

Attorney(s) appearing for the Case

Claude I. Parker, John B. Milliken, and George H. Koster, all of Los Angeles, Cal. (L. A. Luce, of Washington, D. C., of counsel), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Morton K. Rothschild, Sp. Assts. to Atty. Gen. (C. M. Charest, Gen. Counsel, and J. E. Marshall, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before WILBUR and SAWTELLE, Circuit Judges, and CAVANAH, District Judge.

WILBUR, Circuit Judge.

This is an appeal from a decision of the Board of Tax Appeals. The taxpayer suffered a loss in the year 1923 by reason of the worthlessness of certain shares of capital stock in the American Fuel Oil & Transportation Company.

The question presented by the record is whether or not such loss was a "net loss resulting from the operation of any trade or business regularly carried on by the taxpayer" within the meaning of section 204...

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