David H. SCHULTZ and Bessie Schultz, Petitioners,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent.
United States Court of Appeals Fifth Circuit.https://leagle.com/images/logo.png
May 30, 1960.
May 30, 1960.
Attorney(s) appearing for the Case
Bert B. Rand, Washington, D. C., Seymour Lieberman, Houston, Tex., for petitioners, Trammell, Rand & Nathan, Washington, D. C., of counsel.
Arthur I. Gould, Fred Youngman, Robert N. Anderson, Lee A. Jackson, Dept. of Justice, Washington, D. C., Rollin A. Transue, Sp. Atty., IRS., Arch M. Cantrall, Chief Counsel, IRS., Washington, D. C., Charles K. Rice, Asst. Atty. Gen., for respondent.
Before RIVES, Chief Judge, and HUTCHESON and BROWN, Circuit Judges.
United States Court of Appeals Fifth Circuit.
JOHN R. BROWN, Circuit Judge.
This case presents problems arising under the net worth plus nondeductible expenses method of reconstructing income. On the basis of it, the Commissioner asserted substantial deficiencies against Taxpayer (and his wife), together with penalties for fraud, 26 U.S. C.A. § 293(b), and under 26 U.S.C.A. § 294(d) (1) (B) & § 294(d) (2) [1939 I.R.C.] for the years 1946, 1947, 1948...
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