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McGINLEY CORPORATION v. COMMISSIONER OF INTERNAL REV.

No. 7717.

82 F.2d 56 (1936)

McGINLEY CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

March 4, 1936.

Attorney(s) appearing for the Case

Lawrence Tarlton, of Fort Worth, Tex., for petitioner.

J. P. Jackson, Sp. Asst. to Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., Sewall Key and Lucius A. Buck, Sp. Assts. to Atty. Gen., and Robert H. Jackson, Asst. Gen. Counsel, Bureau of Internal Revenue, and De Witt M. Evans, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and HUTCHESON, Circuit Judges.

HUTCHESON, Circuit Judge.

This is a tax review proceeding. By it the petitioner seeks to avoid a deficiency of $18,023.35 for the year 1927, determined by the Commissioner, and redetermined against it by the Board of Tax Appeals. These claimed deductions are: (1) $28,872.77 as a loss on stocks claimed to have been bought on margin in June and sold in December, of 1927; (2) a loss in that year on the sale to William McGinley, its president, of stock in the McGinley...

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