Legal Opinion
Sherman & Bryan, Inc. v. Blair
Court of Appeals for the Second Circuit
Decided July 22, 1929No. 210PublishedCited by 22 opinions
1Opinion of the Court
SWAN, Circuit Judge.
The questions presented involve the construction of section 234(a) of the Revenue Act of 1918 (40 Stat. 1077). This section declares that in computing the net income of a corporation there shall he allowed as deductions from gross income:
“(4) Losses sustained during the taxable' year and not compensated for by insurance or otherwise;
“(5) Debts ascertained to be worthless and charged off within the taxable year. * # « »
The taxing officials have taken the position that the foregoing clauses are mutually exclusive, and that clause (5) relates to debts wholly worthless, so…
2Cases cited8 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Russell v. United StatesSupreme Court of the United States · 1929
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
- Selden v. HeinerDistrict Court, W.D. Pennsylvania · 1926
- United States v. KlausnerCourt of Appeals for the Second Circuit · 1928
3 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Commissioner of Internal Revenue v. Liberty Bank & Trust Co.Court of Appeals for the Sixth Circuit · 1932
- Hamlen v. WelchCourt of Appeals for the First Circuit · 1940
- Deeds v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1931
- Olympia Harbor Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1935
- Moore v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1939
17 more not listed; retrieve them via the Exa API.