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COMMISSIONER OF INTERNAL REVENUE v. LAMONT

No. 37, Docket 19857.

156 F.2d 800 (1946)

COMMISSIONER OF INTERNAL REVENUE v. LAMONT.

Circuit Court of Appeals, Second Circuit

July 8, 1946.

Attorney(s) appearing for the Case

I. Henry Kutz, Sp. Asst. to Atty. Gen. (Sewall Key, Acting Asst. Atty. Gen., and J. Louis Monarch, Sp. Asst. to Atty. Gen., on the brief), for petitioner.

Josiah Willard, of New York City (White & Case and Walter S. Orr, all of New York City, on the brief), for respondent.

Before AUGUSTUS N. HAND, CHASE, and CLARK, Circuit Judges.

CLARK, Circuit Judge.

The question here is whether partnership capital losses may be offset against individual capital gains in computing a partner's income tax for 1937 under the Revenue Act of 1936. The respondent taxpayer had reported both personal income and his distributable share of the income of J. P. Morgan & Co., a New York partnership which also did business in Philadelphia under the name of Drexel & Co. In addition, however, he showed individual...

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