WHITNEY v. COMMISSIONER OF INTERNAL REVENUE

No. 5323.

73 F.2d 589 (1934)

WHITNEY v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

October 3, 1934.


Attorney(s) appearing for the Case

Frederic E. Mygatt, Jr., of New York City, for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Carlton Fox, Sp. Assts. to Atty. Gen., for respondent.

Before DAVIS, Circuit Judge, and CLARK and JOHNSON, District Judges.


DAVIS, Circuit Judge.

This petition for review involves a deficiency in income taxes for the year 1927. The questions here are whether or not the petitioner may deduct from his gross income certain dues and contributions paid, as a member, to the New York Stock Exchange and losses sustained in operating a racing stable.

During 1927, the petitioner was a partner in the brokerage firm of Richard Whitney & Co. He and two other partners were members of the...

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