Van Vleck v. Commissioner of Internal Revenue

CHASE, Circuit Judge.

During the calendar years 1929 and 1930, Charles E. Van Vleck, one of the petitioners, was regularly engaged in the business of buying and selling securities. He sustained a net business loss of $58,-165.37 in 1929 and filed a separate return for that calendar year which showed the loss sustained.

During the calendar year 1930, he had gross income amounting to $77,996.56 and a capital net gain of $12,679.36; but his allowable deductions for that period alone were $110,814.58, so that a computation of his income tax status for the period, figured on the basis of a separate…