WILLIAM FLACCUS OAK L. CO. v. COMMISSIONER OF INT. REV.

No. 7420.

114 F.2d 783 (1940)

WILLIAM FLACCUS OAK LEATHER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

September 13, 1940.


Attorney(s) appearing for the Case

John A. McCann, of Pittsburgh, Pa., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Lee A. Jackson, and John A. Gage, Sp. Assts. to Atty. Gen., for respondent.

Before JONES and GOODRICH, Circuit Judges, and GANEY, District Judge.


GOODRICH, Circuit Judge.

This case comes before the court on petition to review a decision of the United States Board of Tax Appeals in favor of the respondent, Commissioner of Internal Revenue. It presents the question whether money received as insurance for the loss by fire of capital assets is to be treated as ordinary gain or capital gain to the extent that those funds are not reinvested in property similar to that destroyed.

Upon the destruction in 1935...

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