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SCHERMAN v. HELVERING

No. 96.

74 F.2d 742 (1935)

SCHERMAN v. HELVERING, Commissioner of Internal Revenue.

Circuit Court of Appeals, Second Circuit.

January 14, 1935.

Attorney(s) appearing for the Case

Harry J. Leffert, of New York City (Cohen, Cole, Weiss & Wharton, of New York City, of counsel), for appellant.

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

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

L. HAND, Circuit Judge.

The question in this case is whether Scherman, the taxpayer, shall be allowed to deduct a loss from his income tax for the year 1929, arising from the following facts: He was the originator of a scheme for selling books, known as The Book of the Month Club; it was incorporated and four hundred shares of common stock were issued of which he got one hundred and eighty-nine and his wife, one; Haas, and Haas's wife, owned the rest. He and Haas...

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