DUNNE v. COMMISSIONER OF INTERNAL REVENUE

No. 86.

75 F.2d 255 (1935)

DUNNE v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

February 18, 1935.


Attorney(s) appearing for the Case

Wayne Johnson, of New York City, for petitioner.

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

Before L. HAND, SWAN, and CHASE, Circuit Judges.


SWAN, Circuit Judge.

For the year 1927 the petitioner filed an income tax return in which he claimed a deduction of nearly $400,000 as a loss sustained on the sale of securities through several stock brokerage accounts in which he had a one-third interest. The Commissioner disallowed this deduction, and the Board of Tax Appeals affirmed his action and determined a deficiency. The propriety of disallowing the claimed deduction is the only substantial question presented...

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