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COMMISSIONER OF INTERNAL REV. v. FARMERS & G C. OIL CO.

No. 9802.

120 F.2d 772 (1941)

COMMISSIONER OF INTERNAL REVENUE v. FARMERS & GINNERS COTTON OIL CO.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied July 17, 1941.

Attorney(s) appearing for the Case

Edward H. Hammond and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and C. R. Marshall, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

Lee C. Bradley, Jr., and A. J. Bowron, Jr., both of Birmingham, Ala., for respondent.

Before FOSTER, HUTCHESON, and HOLMES, Circuit Judges.

HOLMES, Circuit Judge.

The question for our decision is whether losses which the taxpayer sustained on contracts for future deliveries of refined cottonseed oil were capital losses under Sec. 117(d) of the Revenue Act of 1934, 26 U.S. C.A. Int.Rev.Acts, page 708, or ordinary and necessary business expenses under Sec. 23(a) of said act, 26 U.S.C.A. Int.Rev.Acts, page 671.

The respondent taxpayer is a corporation. It buys cottonseed, crushes it, and sells the...

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