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MAIN LINE DISTRIBUTORS, INC. v. C. I. R.

No. 15049.

321 F.2d 562 (1963)

MAIN LINE DISTRIBUTORS, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

August 9, 1963.

Attorney(s) appearing for the Case

Fred Siegel, Cleveland, Ohio (Rocker, Kahn, Kleinman, Annan and Morton S. Zaller, Bennet Kleinman, Fred Siegel, Cleveland, Ohio, on the brief), for petitioner.

Martin B. Cowan, Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Martin B. Cowan, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before CECIL, Chief Judge, MILLER, Circuit Judge, and BOYD, District Judge.

SHACKELFORD MILLER, Jr., Circuit Judge.

The petitioner, Main Line Distributors, Inc., seeks a review of a deficiency income tax assessment in the amount of $6,175.00 for the taxable year ended January 31, 1957. The question involved is whether the petitioner may deduct as an ordinary and necessary business expense an amount paid by it to a lender of corporate stock, which the petitioner borrowed from the lender in carrying out a short sale of said stock. The amount...

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