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ACRO MANUFACTURING COMPANY v. C. I. R.

No. 15380.

334 F.2d 40 (1964)

The ACRO MANUFACTURING COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

Certiorari Denied October 26, 1964.

Attorney(s) appearing for the Case

John W. Riely and H. Brice Graves, Richmond, Va., Waller H. Horsley, Richmond, Va., Joseph A. Howell, Jr., Richmond, Va., on brief; Hunton, Williams, Gay, Powell & Gibson, Richmond, Va., of counsel, for petitioner.

Richard J. Heiman, Department of Justice, Washington, D. C., Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Department of Justice, Washington, D. C., on brief, for respondent.

Before MILLER, Circuit Judge, and WEINMAN and KAESS, District Judges.

Certiorari Denied October 26, 1964. See 85 S.Ct. 158.

SHACKELFORD MILLER, Jr., Circuit Judge.

The taxpayer, The Acro Manufacturing Company, sought a redetermination in the Tax Court of its income tax liability for the years 1953 and 1955. The issue involved is whether a loss in the amount of $557,860.00, sustained by the taxpayer in 1955, was an ordinary loss or a capital loss. If it was an ordinary loss, the taxpayer had a net operating loss for the year...

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