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COMMISSIONER OF INTERNAL REVENUE v. DAY & ZIMMERMANN

No. 8824.

151 F.2d 517 (1945)

COMMISSIONER OF INTERNAL REVENUE v. DAY & ZIMMERMANN, Inc.

Circuit Court of Appeals, Third Circuit.

Decided September 25, 1945.

Attorney(s) appearing for the Case

Hilbert P. Zarky, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

Frederick E. S. Morrison, of Philadelphia, Pa. (Calvin H. Rankin and Drinker, Biddle & Reath, all of Philadelphia, Pa., on the brief), for appellee.

Before DOBIE, GOODRICH and McLAUGHLIN, Circuit Judges.

McLAUGHLIN, Circuit Judge.

The present controversy concerns two deductions of long term capital losses sustained by the taxpayer in 1940 and claimed on its return for that year. The Tax Court held that the losses should be recognized under Section 112(b) (6) of the Internal Revenue Code.1 As the Tax Court decision is unreported it is necessary to briefly outline the facts.

The taxpayer is a Maryland corporation with its principal...

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