Commissioner of Corporations & Taxation v. Hornblower

This is an appeal (under G. L. [Ter. Ed.] c. 58A, § 13, as amended, so far as now material, by St. 1933, c. 321, § 7) by the commissioner of corporations and taxation from a decision by the Board of Tax Appeals granting an abatement of $13,098.81 to a partnership known as Hornblower and Weeks, upon an income tax return filed in 1931, upon the income received during the year 1930.

The facts in a condensed form are as follows: The tax return of Hornblower and Weeks (hereinafter called the brokers) for the year 1930 included an item of $907,002.47 under “Losses during the year from fire, theft,…