BANK OF AMERICA NAT. T. & SAV. ASS'N v. COM'R OF INT. REV.

No. 9837.

126 F.2d 48 (1942)

BANK OF AMERICA NAT. TRUST & SAVINGS ASS'N v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

February 21, 1942.


Attorney(s) appearing for the Case

J. W. Radil, F. J. Kilmartin, R. M. Sims, Jr., and Knight, Boland & Riordan, all of San Francisco, Cal., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Gerald L. Wallace, Bernard Chertcoff, and Benjamin M. Brodsky, Sp. Assts. to the Atty. Gen., for respondent.

Before DENMAN, STEPHENS, and HEALY, Circuit Judges.


DENMAN, Circuit Judge.

This is a review of an order of the United States Board of Tax Appeals determining certain deficiencies in the income taxes of appellant trustee, hereinafter called taxpayer, for the tax years 1935 and 1936.

(1) With reference to the tax year 1935, the Board held the Commissioner of Internal Revenue had properly computed a proposed deficiency assessment in disallowing a deduction from gross income of a capital gain realized from the...

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