LACY v. UNITED STATES

No. 49-C-1495.

105 F.Supp. 601 (1952)

LACY et ux. v. UNITED STATES.

United States District Court, N. D. Illinois, E. D.

July 24, 1952.


Attorney(s) appearing for the Case

Marvin Wallach, Chicago, Ill., for plaintiff.

Otto Kerner, Jr., U. S. Atty., and John A. Looby, Jr., Asst. U. S. Atty., Chicago, Ill., for defendant.


PERRY, District Judge.

The sole issue of fact and law presented by the pleadings and evidence is whether 500 shares of Class A stock in Van Schaack Bros. Chemical Works, Inc., purchased by plaintiff, Kenneth B. Lacy, for $10,000 in 1926, became worthless during 1944. If the stock did become worthless, then under the provisions of Section 23(e) (2) and (g)(2), Internal Revenue Code, 26 U.S.C.A. § 23(e)(2), (g)(2), plaintiffs are entitled to a deduction of $1,000...

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