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875 PARK AVENUE CO. v. COMMISSIONER OF INTERNAL REV.

No. 54, Docket 23070.

217 F.2d 699 (1954)

875 PARK AVENUE CO., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided December 6, 1954.

Attorney(s) appearing for the Case

Aaron Holman, I. Newton Brozan, New York City, for petitioner.

H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, John J. Kelley, Jr., Sp. Assts to Atty. Gen., for respondent.

Before CHASE, MEDINA and HINCKS, Circuit Judges.

CHASE, Circuit Judge.

The taxpayer is a New York corporation which owns all of the stock of its subsidiary, the 1040 Park Avenue Corporation. The two corporations filed consolidated income tax returns for the year 1945 and the taxpayer claimed as a deduction under Section 23(f) and (g) (2) of the Internal Revenue Code, 26 U.S. C.A. § 23 (f), (g) (2), a loss to the subsidiary caused by alleged worthlessness of stock owned...

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