Stone's Estate v. Commissioner of Internal Revenue

MAJOR, Circuit Judge.

This is a petition for review of a decision of the United States Board of Tax Appeals, entered October 25, 1939, adjudicating a deficiency in the income tax of petitioners’ decedent, Ida B. Stone, for the year 1934, in the amount of $9,502.97.

Louis D. Hirsheimer, a brother of Ida B. Stone, died September 25, 1929, a resident of Cook County, Illinois. For many years prior thereto, he had been engaged in the business of buying and selling real estate mortgage bonds, farms, and other real estate, and making loans, some unsecured and others secured by farm mortgages. His…