ERNEST W. BROWN, INC. v. COMMISSIONER OF INT. REV.

No. 265, Docket 24941.

258 F.2d 829 (1958)

ERNEST W. BROWN, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided July 11, 1958.


Attorney(s) appearing for the Case

Vincent H. Maloney, New York City, John P. Lipscomb, Jr., Washington, D. C., Vincent D'Ecclesiis, New York City, for petitioner.

Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Robert N. Anderson, Kenneth E. Levin, Attorneys, Department of Justice, Washington, D. C., for respondent.

Before CLARK, Chief Judge, and LUMBARD and WATERMAN, Circuit Judges.


PER CURIAM.

The question raised by the petition for review is whether the taxpayer incurred a deductible loss in 1952, under Section 23(f) of the Internal Revenue Code of 1939, 26 U.S.C. § 23(f), when two contracts under which taxpayer was acting as attorney-in-fact for certain insurance underwriters of reciprocal insurance were terminated by the underwriters. This, in turn, depends upon whether the contracts had any basis in the hands of the taxpayer. A complete...

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