COMMISSIONER OF INTERNAL REVENUE v. BANFIELD

No. 9791.

122 F.2d 1017 (1941)

COMMISSIONER OF INTERNAL REVENUE v. BANFIELD. BANFIELD v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

October 15, 1941.


Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Benjamin M. Brodsky, and Warren F. Wattles, Sp. Assts. to Atty. Gen., for petitioner, Commissioner of Int. Revenue.

Charles E. McCulloch and Thomas B. Stoel, Jr., both of Portland, Or., for petitioner T. H. Banfield.

Before GARRECHT, HANEY, and HEALY, Circuit Judges.


HEALY, Circuit Judge.

The proceeding is for a review of a decision of the Board of Tax Appeals on petitions both of the taxpayer and of the Commissioner. The question raised by the taxpayer's appeal is whether the income of a partnership of which he was a member was taxable solely to him or to the extent of one-half thereof, only. The petition of the Commissioner presents the problem whether a loss sustained by the partnership in dealings in grain futures was an ordinary...

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