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HELVERING v. PRICE

No. 559.

309 U.S. 409 (1940)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. PRICE.

Supreme Court of United States.

Decided March 25, 1940.

Attorney(s) appearing for the Case

Mr. Richard H. Demuth, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Messrs. Sewall Key and Berryman Green were on the brief, for petitioner.

Mr. George D. Brabson, with whom Messrs. David H. Blair, C.R. Wharton, Julius C. Smith, and J.G. Korner, Jr. were on the brief, for respondent.

MR. CHIEF JUSTICE HUGHES delivered the opinion of the Court.

Respondent in his income tax return for 1932 claimed a deduction for a loss upon a contract of guaranty. The Board of Tax Appeals sustained the Commissioner in refusing to allow the deduction, and the Circuit Court of Appeals reversed. 106 F.2d 336. Because of an alleged conflict with Eckert v. Burnet, 283 U.S. 140, Jenkins...

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