Bing v. Helvering

L. HAND, Circuit Judge.

The question on which this case turns is whether a payment of $35,000 made by *942the taxpayer in the year 1929 was an ordinary and necessary expense of his business under section 23 (a) of the Revenue Act of 1928 (26 USCA § 2023 (a); or an investment which must await the disposition of certain shares of stock. Bing, the taxpayer, was engaged in the real estate business with his son. He bought and sold parcels of land, on some of which he built; he also built on the land of others, and he managed buildings, both his own and others. When he had to borrow, or when he bought,.…