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STOCK YARDS NAT. BANK v. COMMISSIONER OF INTERNAL REV.

No. 13085.

153 F.2d 708 (1946)

STOCK YARDS NAT. BANK OF SOUTH ST. PAUL v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

February 18, 1946.

Attorney(s) appearing for the Case

Grant W. Anderson, of Minneapolis, Minn., for petitioner.

Helen Goodner, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, J. Louis Monarch, and Helen R. Carloss, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before GARDNER, THOMAS, and RIDDICK, Circuit Judges.

RIDDICK, Circuit Judge.

In its income tax report for the year 1939 petitioner claimed a loss of $16,155.16 on the sale of two farms, referred to in the record as the Stebbens farm and the McBride farm. It computed the loss claimed by assigning to the Stebbens farm a cost of $14,864.66 and to the McBride farm a cost of $2,600, and by deducting from this cost basis the amounts received on sales of the farms in 1939. The amounts...

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