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READING CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 7991.

132 F.2d 306 (1942)

READING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided October 23, 1942.

Rehearing Denied November 19, 1942.

Attorney(s) appearing for the Case

John E. McClure, of Washington, D. C., (O. H. Chmillon, David W. Richmond, and Maude Ellen White, all of Washington, D. C., and W. I. Woodcock, Jr., and Alfred W. Hesse, both of Philadelphia, Pa., on the brief), for petitioner.

Samuel H. Levy, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before JONES and GOODRICH, Circuit Judges, and LEAHY, District Judge.

JONES, Circuit Judge.

In its income tax returns for the years 1936 and 1937 the petitioner made certain deductions for losses and bad debts which the Commissioner of Internal Revenue disallowed. The Board of Tax Appeals sustained the consequent deficiency assessments in a decision which the taxpayer has petitioned us to review.

The pertinent sections of the revenue law are § 23(k) of the Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 828, which permits the...

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