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LOWY v. C. I. R.

No. 9, Docket 24888.

262 F.2d 809 (1959)

Leo L. LOWY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided February 2, 1959.

Attorney(s) appearing for the Case

Maurice V. Seligson, New York City, for petitioner.

Carolyn R. Just, Atty., Dept. of Justice, Washington, D. C. (Andrew F. Oehmann, Acting Asst. Atty. Gen., Lee A. Jackson and Robert N. Anderson, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before SWAN and MOORE, Circuit Judges, and KAUFMAN, District Judge.

MOORE, Circuit Judge.

The taxpayer, Leo L. Lowy, petitions to review the decision of the Tax Court finding deficiencies in income taxes for the years 1941, 1942 and 1943 in the respective amounts of $1,909.16, $44,598.70 and $62,256.60. Fraud penalties of 50% were added for 1942 and 1943, i. e. $22,299.35 and $31,131.72 respectively.

Since 1927 taxpayer had been engaged in the business of manufacturing ball and roller bearings. From 1927 to 1931 he accumulated...

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