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COMMISSIONER OF INTERNAL REV. v. BAGLEY & SEWALL CO.

No. 109, Docket 23096.

221 F.2d 944 (1955)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. The BAGLEY & SEWALL CO., Respondent.

United States Court of Appeals Second Circuit.

Decided April 21, 1955.

Attorney(s) appearing for the Case

H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Hilbert P. Zarky and Morton K. Rothschild, Sp. Assts. to Atty. Gen., for petitioner.

Dunk, Conboy, McKay & Bachman, Watertown, N. Y. (Lawrence Conboy, Watertown, N. Y., of counsel), for respondent.

Before FRANK and MEDINA, Circuit Judges, and BRENNAN, District Judge.

BRENNAN, District Judge.

Whether or not the loss incurred in the posting of U. S. Government bonds as security for the performance of a contract is a capital loss or a business expense is the question posed on this appeal.

A background of essential facts were submitted by stipulation to the Tax Court. The Bagley & Sewall Co. (hereinafter referred to as the taxpayer), is a New York corporation engaged in the manufacture and sale of paper making machinery...

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