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WISE v. COMMISSIONER OF INTERNAL REVENUE

No. 7185.

109 F.2d 614 (1940)

WISE v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

January 29, 1940.

Attorney(s) appearing for the Case

Joseph Walker, Horace N. Taylor, Winthrop G. Brown, and J. C. Wilberding, Jr., all of New York City, for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., for respondent.

Elden McFarland, of Washington, D. C., for amicus curiæ.

Before MARIS, CLARK, and JONES, Circuit Judges.

PER CURIAM.

In this case the petitioner seeks to deduct as an income tax loss in 1933 the cost of his interest in certain shares of stock of the Continental Corporation which was dissolved without assets in that year. The Board of Tax Appeals, considering the cases of this petitioner and a number of other stockholders, decided that the petitioner's interest in these shares was never an independent investment but at all times merely a part of his investment in the...

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