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HUGHES TOOL CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 9553.

118 F.2d 472 (1941)

HUGHES TOOL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied May 10, 1941.

Attorney(s) appearing for the Case

J. L. Lockett, of Houston, Tex., for petitioner.

Warren F. Wattles, John J. Pringle, Jr., and Sewall Key, Sp. Asst. to the Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

HOLMES, Circuit Judge.

This case involves the correctness of a deduction, made in a consolidated return of income for 1930 by petitioner, Hughes Tool Company, and its affiliates, of a net loss sustained by an affiliate, the Caddo Company, during a period in 1929 immediately preceding its affiliation and for which it had filed a separate return. That a net loss was suffered is admitted, but whether or not a deduction therefor...

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