Reimold v. Commissioner

McLAUGHLIN, Circuit Judge.

The sole question involved here arises under Section 23(e) (1) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(e) (1).1

The taxpayer contends that a loss arising from a stock transaction was properly deducted by him as incurred “in trade or business.” The facts, briefly, as found by the Tax Court are: The petitioner is president of two affiliated corporations, Woburn Degreasing Company of New Jersey and Woburn Degreasing Company of Massachusetts. His father, Reimold, Sr., had been president of the companies at the time of his death in 1918. He was…