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REYNOLDS v. COMMISSIONER OF INTERNAL REVENUE

No. 4142.

155 F.2d 620 (1946)

REYNOLDS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, First Circuit.

May 31, 1946.

Attorney(s) appearing for the Case

Harold E. Staples, of Providence, R. I. (Colin MacR. Makepeace and Tillinghast, Collins & Tanner, all of Providence, R. I., on the brief), for petitioner.

I. Henry Kutz, Sp. Asst. to Atty. Gen. (Sewall Key, Acting Asst. Atty. Gen., and J. Louis Monarch and Frank Pace, Jr., Sp. Assts. to Atty. Gen., on the brief), for the Commissioner.

Before DOBIE (by special assignment), MAHONEY, and WOODBURY, Circuit Judges.

DOBIE, Circuit Judge.

This case, arising under the federal income tax laws, is before us on the appeal of R. Foster Reynolds (hereinafter called taxpayer) from a decision of the Tax Court of the United States, holding that the loss incurred by taxpayer from the sale of a piece of jewelry was deductible only to the extent of 50 per cent of the actual loss on the ground that this was a loss resulting from the sale of a capital...

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