No. 216, Docket 27245.

302 F.2d 481 (1962)

Walter E. DITMARS and Jennie J. Ditmars, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided April 13, 1962.

Attorney(s) appearing for the Case

Charles R. Van de Walle, New York City (Constance A. Lammers, New York City, of counsel), for petitioners.

Michael I. Smith, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Marselli and William A. Friedlander, Attorneys, Department of Justice, Washington, D. C.), for respondent.

Before FRIENDLY, KAUFMAN and MARSHALL, Circuit Judges.

FRIENDLY, Circuit Judge.

From 1932 to 1938 Walter E. Ditmars (sometimes hereafter "the taxpayer") acted as a stock broker, financial adviser, and speculator. After 1938 he served Gray Manufacturing Company (formerly Gray Telephone Pay Station Company and hereafter "Gray"), first as president and later as a consultant. The instant controversy relates to deductions for 1955 and 1956 which Ditmars asserts to relate to the profit-making and the Commissioner to the personal...

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