Jennings v. Commissioner of Internal Revenue

*946SIBLEY, Circuit Judge.

We think the Board of Tax Appeals wrongly refused to allow the petitioners to deduct individual losses in gambling from gambling gains made in partnership, on redetermining their several • income taxes for the year 1936. The facts were stipulated. The Board found: . “The distributive share of each petitioner of partnership gains from gambling operations exceeded the amount of losses by petitioners in their individual gambling operations.” The Revenue Act of 1936, Sect. 23(g), 26 U.S.C.A.Int.Rev.Acts, referring to deductions, provides: “Losses from wagering transactions…