JAGELS v. COMMISSIONER OF INTERNAL REVENUE

No. 5285.

72 F.2d 925 (1934)

JAGELS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied September 26, 1934.


Attorney(s) appearing for the Case

Raphael M. O'Hara, of Washington, D. C., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., and M. H. Eustace and Sewall Key, Sp. Assts. to the Atty. Gen., both of Washington, D. C., for respondent.

Before BUFFINGTON, DAVIS, and THOMPSON, Circuit Judges.


THOMPSON, Circuit Judge.

This is a petition for review of a decision of the Board of Tax Appeals. The petitioner, a coal merchant, was the president and a director and stockholder of the Second National Bank of Hoboken. The bank had invested $63,000 in six promissory notes. In 1919 a bank examiner criticized this investment because, in his opinion, the notes were not readily collectable. In order to avoid further criticism, the petitioner, jointly with other directors...

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