SCHAFER v. HELVERING

Nos. 6549-6551.

83 F.2d 317 (1936)

SCHAFER v. HELVERING, Com'r of Internal Revenue (three cases).

United States Court of Appeals for the District of Columbia.

Decided March 2, 1936.


Attorney(s) appearing for the Case

Edgar J. Goodrich, of Washington, D. C., for petitioners.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key, Carlton Fox, Robert H. Jackson, and Hugh Brewster, all of Washington, D. C., for respondent.

Before MARTIN, Chief Justice, and ROBB, GRONER, and STEPHENS, Associate Justices.


GRONER, Associate Justice.

This is a petition to review an order of the Board of Tax Appeals finding deficiencies for the calendar year 1929. The question is whether petitioners are entitled to have their income for the taxable year computed by reference to inventories of securities taken at market value at the beginning and end of the year.

Petitioners were general partners in the partnership of Schafer Bros., New York City. The partnership was engaged in...

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