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TAYLOR v. COMMISSIONER OF INTERNAL REVENUE

No. 7287.

117 F.2d 189 (1941)

TAYLOR v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

January 31, 1941.

Attorney(s) appearing for the Case

James J. Magner and Chas. R. Sprowl, both of Chicago, Ill., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Sewall Key, John W. Smith, and Robert N. Anderson, Sp. Assts. to Atty. Gen., for respondent.

Before EVANS, SPARKS, and TREANOR, Circuit Judges.

SPARKS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals disallowing deductions from gross income for the year 1934 claimed on account of losses on the securities of the Studebaker Mail Order Company, and memberships in certain clubs. The first was disallowed on the ground that the stock became worthless in a prior year, while the second was disallowed on the ground that the club memberships did not constitute ordinary and necessary...

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