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CHAMPLAIN COACH LINES v. COM'R OF INTERNAL REVENUE

No. 28.

138 F.2d 904 (1943)

CHAMPLAIN COACH LINES, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

December 2, 1943.

Attorney(s) appearing for the Case

Wright, Gordon, Zachry, Parlin & Cahill, of New York City (John P. Ohl and John A. Reed, both of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key, and J. Louis Monarch, Sp. Assts. to Atty. Gen., and Walter J. Cummings, Jr., of Washington, D. C., for respondent, Commissioner of Internal Revenue.

Before SWAN, AUGUSTUS N. HAND, and FRANK, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer, Champlain Coach Lines, Inc., appeals from a decision of the Tax Court determining a deficiency in its income taxes for the year 1938 on the ground that the court improperly affirmed an assessment of the Commissioner of Internal Revenue disallowing a deduction of $24,200.93 as a loss sustained by the taxpayer during that year. In our opinion the deduction should have been allowed and the deficiency for 1938 should be recomputed...

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