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SMITH v. COMMISSIONER OF INTERNAL REVENUE

No. 5649.

78 F.2d 408 (1935)

SMITH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

June 18, 1935.

Attorney(s) appearing for the Case

Percy W. Phillips, of Washington, D. C. (Brewster, Ivins & Phillips, of Washington, D. C., of counsel), for petitioner.

John MacC. Hudson and J. Louis Monarch, Sp. Assts. to Atty. Gen., and Frank J. Wideman, Asst. Atty. Gen., for respondent.

Before BUFFINGTON and THOMPSON, Circuit Judges, and FORMAN, District Judge.

BUFFINGTON, Circuit Judge.

The question involved in this case, as stated in the government's brief, is, "Were petitioner's activities in connection with training and racing horses a trade or business or a transaction entered into for profit, so that the excess of expenditures over receipts constitutes a deductible loss?"

The question of losses incurred by men engaged in the training and racing of horses has been before...

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