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NELSON v. UNITED STATES

No. 12281.

131 F.2d 301 (1942)

NELSON et al. v. UNITED STATES.

Circuit Court of Appeals, Eighth Circuit.

October 30, 1942.

Attorney(s) appearing for the Case

John W. Windhorst, of Minneapolis, Minn. (Leland W. Scott, of Minneapolis, Minn., on the brief), for appellants.

Mamie S. Price, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key, Gerald L. Wallace, and S. Dee Hanson, Sp. Assts. to Atty. Gen., and Victor E. Anderson, U. S. Atty., and Linus J. Hammond, Asst. U. S. Atty., both of St. Paul, Minn., on the brief), for appellee.

Before GARDNER, WOODROUGH, and RIDDICK, Circuit Judges.

RIDDICK, Circuit Judge.

The question presented on this appeal is whether the appellant taxpayers are entitled, under § 23(e) (2) of the Revenue Act of 1934, 48 Stat. 680, c. 277, 26 U.S.C.A. Int.Rev.Acts, page 672, to a deduction from their joint gross income tax for the taxable year 1935 for a claimed loss due to worthlessness of shares of common stock owned by one of the taxpayers. By the section of the Revenue Act involved here, deductions by individuals from...

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