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ARATA v. C. I. R.

No. 204, Docket 25661.

277 F.2d 576 (1960)

George F. ARATA and Carolyn M. Arata, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided April 27, 1960.

Attorney(s) appearing for the Case

John W. Burke, Jr., New York City (Alfred C. B. McNevin, White Plains, N. Y., John A. Clark, New York City, on the brief), for petitioners.

Meyer Rothwacks, Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Carter Bledsoe, Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before LUMBARD, Chief Judge, and HINCKS and FRIENDLY, Circuit Judges.

LUMBARD, Chief Judge.

The primary issues presented to us by this petition for review of a decision of the Tax Court are whether "losses" suffered by one of the taxpayers were losses "incurred in a trade or business" or "losses incurred in any transaction entered into for profit" and therefore deductible under § 23(e) (1) or (2) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 23(e) (1, 2). Also presented is the question whether the taxpayers are excused...

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