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ROBINSON v. COMMISSIONER OF INTERNAL REVENUE

No. 12896.

181 F.2d 17 (1950)

ROBINSON et al. v. COMMISSIONER OF INTERNAL REVENUE.

United States Courts of Appeals Fifth Circuit.

April 8, 1950.

Attorney(s) appearing for the Case

J. Barnwell Phelps, New Orleans, La., for petitioners.

Lee A. Jackson, Ellis N. Slack, Melva M. Graney, Sp. Assts to Atty. Gen., Theron Lamar Caudle, Asst. Atty. Gen., Chas. Oliphant, Chief Counsel, Bureau of Internal Revenue, Washington, D. C., Rollin H. Transue, Sp. Atty., Bureau of Internal Revenue, Washington, D. C., for respondent.

Before HOLMES, McCORD and BORAH, Circuit Judges.

HOLMES, Circuit Judge.

The question presented on this petition for review is whether the taxpayers are entitled to a loss deduction of $10,000 claimed by them under Section 23(e) of the Internal Revenue Code, 26 U.S.C.A. § 23(e). Due to the forgiveness feature applicable to the years 1942 and 1943, the deficiencies involved are for the year 1943, although they resulted from adjustments in income for the year 1942. The taxpayers filed their income-tax returns...

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