First Nat. Bank of Sharon, Pa. v. Heiner, 5101.
Decision Date | 24 August 1933 |
Docket Number | No. 5101.,5101. |
Parties | FIRST NAT. BANK OF SHARON, PA., v. HEINER, Collector of Internal Revenue. |
Court | U.S. Court of Appeals — Third Circuit |
Chauncey E. Brockway, of Sharon, Pa., for appellant.
Louis E. Graham, U. S. Atty., and John A. McCann, Sp. Asst. U. S. Atty., both of Pittsburgh, Pa. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Ralph E. Updike, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for appellee.
Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.
The underlying question in this income tax case is whether the item here involved was, under the provisions of the Revenue Act of 1928 (26 USCA § 2001 et seq.), a loss. The court below (2 F. Supp. 960, 961) held it was a loss which was not deductible because not "sustained during the taxable year" of 1928. Thereupon the taxpayer took this appeal.
The item in question came into being under the facts stated in the opinion below, viz.: ...
To continue reading
Request your trial-
Scarlett v. Comm'r of Internal Revenue
...again resulting in the loss of a deduction. The above-described position of the Commissioner was upheld in First Nat. Bank of Sharon, Pa. v. Heiner, 66 F.2d 925 (C.A. 3, 1933), and the taxpayer was thereby denied deductions for losses resulting from embezzlements which had occurred before t......
-
George M. Still, Inc. v. Comm'r of Internal Revenue
...‘losses‘ which were ‘not compensated for by insurance or otherwise.‘ The petitioner relies upon various cases such as First National Bank of Sharon v. Heiner, 66 F.2d 925 (C.A. 3); Peterson Lino-typing Co., 10 B.T.A. 542; Piggly Wiggly Corporation, 28 B.T.A. 412; Gottlieb Realty Co., 28 B.T......
-
Boston Consol. Gas Co. v. Commissioner of Internal Rev.
...the following year." More direct authority for the Commissioner's view, however, is found in First National Bank of Sharon, Pa. v. Heiner, 3 Cir., 66 F.2d 925, and Borden v. Commissioner, 2 Cir., 101 F.2d In the First National Bank of Sharon case the United States Circuit Court of Appeals f......
-
Alison v. United States
...not in accord with his own views, but was compelled, he thought, by the Third Circuit's decision in First National Bank of Sharon, Pa. v. Heiner, 66 F.2d 925. The Court of Appeals for the Third Circuit certified to us the question of deductibility in both cases. Pursuant to 28 U.S.C. § 1254......