SMITH v. COMMISSIONER OF INTERNAL REVENUE

No. 10478.

142 F.2d 818 (1944)

SMITH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

May 25, 1944.


Attorney(s) appearing for the Case

Clarence D. Phillips, of Portland, Or. (Griffith, Peck, Phillips & Nelson, of Portland, Or., of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Helen R. Carloss, Helen Goodner, and James P. Garland, Sp. Assts. to Atty. Gen., for respondent.

Before WILBUR, DENMAN and MATHEWS, Circuit Judges.


MATHEWS, Circuit Judge.

Here for review is a decision of the Tax Court of the United States which determined that there were deficiencies in respect of petitioner's income taxes for 1938 and 1939. The Tax Court held (1) that, in his return for 1938, petitioner had understated his income by $81,021.60; (2) that, in his return for 1939, he had understated his income by $71,663.98; and (3) that, in computing his net income for 1939, he had deducted, on account of a loss...

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