A. J. INDUSTRIES, INC. v. UNITED STATES

No. 72-2760.

503 F.2d 660 (1974)

A. J. INDUSTRIES, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

September 12, 1974.


Attorney(s) appearing for the Case

Jack R. White (argued), of Hill, Farrer & Burrill, Los Angeles, Cal., for plaintiff-appellant.

Ernest J. Brown (argued), U. S. Dept. of Justice, Washington, D. C., for defendant-appellee.

Before ELY and CARTER, Circuit Judges, and EAST, District Judge.


OPINION

JAMES M. CARTER, Circuit Judge:

In this tax case, plaintiff taxpayer appeals from a district court judgment denying it a refund for taxes and interest paid in the sum of $1,291,445.79 for the taxable years 1957 through 1961. The central question is whether taxpayer is entitled to a loss deduction under either the 1939 or 1954 Internal Revenue Codes and applicable regulations for the years 1956 or 1957, in connection with an abandoned gold mining...

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