Binz Hide & Tallow Co. v. Commissioner of Internal Revenue

THOMAS, Circuit Judge.

This is a petition of a taxpayer to review a decision of the United States Board of Tax Appeals redetermining a deficiency in income tax for the year 1933 in the amount of $2,566.89.

In brief petitioner claims that its presi-dent, Frank J. Binz, acting as trustee for petitioner, entered in 1925 in his own name but in fact as trustee for petitioner upon a speculative enterprise to recoup $20,000 lost by the company in 1923; that the enterprise was a disappointment; and that it culminated in 1933 in a net loss to the company of $26,590.26, for which it claimed a deduction…