Jones v. Herber

PICKETT, Circuit Judge.

During the years 1945 and 1946 the taxpayers, H. S. Herber and Maurine Herber, husband and wife, were engaged in the business of buying and selling used cars. They purchased used cars for the purpose of resale and admittedly paid therefor amounts in excess of the maximum ceiling prices then in effect under the Emergency Price Control Act of 1942, 50 U.S.C.A.Appendix, § 901 et seq. In computing their gross income for the years in question the taxpayers deducted as part of the cost of the automobiles the full amount of the price paid. The Commissioner levied deficiencies…