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BING v. HELVERING

No. 289.

76 F.2d 941 (1935)

BING v. HELVERING, Commissioner of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

April 8, 1935.

Attorney(s) appearing for the Case

Lewis M. Isaacs, of New York City, for appellant.

Frank J. Wideman, Asst. Atty. Gen., and J. Louis Monarch, L. W. Post, and Carlton Fox, Sp. Assts. to Atty. Gen., for appellee.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

L. HAND, Circuit Judge.

The question on which this case turns is whether a payment of $35,000 made by the taxpayer in the year 1929 was an ordinary and necessary expense of his business under section 23 (a) of the Revenue Act of 1928 (26 USCA § 2023 (a); or an investment which must await the disposition of certain shares of stock. Bing, the taxpayer, was engaged in the real estate business with his son. He bought and...

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