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DONNELLEY v. COMMISSIONER OF INTERNAL REVENUE

No. 5052.

68 F.2d 722 (1934)

DONNELLEY et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied March 2, 1934.

Attorney(s) appearing for the Case

James H. Winston and Harold A. Smith, both of Chicago, Ill., for petitioners.

Carlton Fox, Pat Malloy, Sewall Key, and F. Edward Mitchell, Sp. Assts. to Atty. Gen., for respondent.

Before EVANS, SPARKS, and FITZ HENRY, Circuit Judges.

EVANS, Circuit Judge.

This appeal involves the deducibility of an alleged loss by a voluntary payment made by taxpayer in 1927 to persons who had been his creditors in 1905, and whose claims had been extinguished in 1905 for sums less than the full amount of the indebtedness. Both the Commissioner and the Board of Tax Appeals disallowed the deduction and assessed a deficiency tax of $68,439.34.

The facts are: Reuben H. Donnelley and one Knight were in partnership...

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