Canister Co. v. Commissioner

Third Circuit

Canister Co. v. Commissioner

78 F.2d 1013, 16 A.F.T.R. (P-H) 573, 1935 U.S. App. LEXIS 4875

CourtCourt of Appeals for the Third Circuit

DecidedJuly 23, 1935

DocketNo. 5745

StatusPublished

Cited by1 cases

This text of 78 F.2d 1013 (Canister Co. v. Commissioner) is published on Counsel Stack Legal Research, covering Court of Appeals for the Third Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Canister Co. v. Commissioner, 78 F.2d 1013, 16 A.F.T.R. (P-H) 573, 1935 U.S. App. LEXIS 4875 (3d Cir. 1935).

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Opinion

PER CURIAM.

This case turns on a question of fact; namely, whether the transaction in question was a bona fide sale which gave this taxpayer appellant a right, within the meaning of section 23 (f) of the Revenue Act of 1928 (26 USCA § 2023 (f), to claim the resultant loss as a deduction ' from its gross income.

The facts are so fully stated and discussed in the opinion of the Tax Board as to obviate a restatement. That tribunal held the proofs showed the alleged sale was not one in fact, but was a mere attempt to avoid income tax. Such finding was warranted, and, agreeing as we do therewith, the Tax Board’s holding is affirmed.

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PER CURIAM.

This case turns on a question of fact; namely, whether the transaction in question was a bona fide sale which gave this taxpayer appellant a right, within the meaning of section 23 (f) of the Revenue Act of 1928 (26 USCA § 2023 (f), to claim the resultant loss as a deduction ' from its gross income.

The facts are so fully stated and discussed in the opinion of the Tax Board as to obviate a restatement. That tribunal held the proofs showed the alleged sale was not one in fact, but was a mere attempt to avoid income tax. Such finding was warranted, and, agreeing as we do therewith, the Tax Board’s holding is affirmed.

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Bluebook (online)

78 F.2d 1013, 16 A.F.T.R. (P-H) 573, 1935 U.S. App. LEXIS 4875, Counsel Stack Legal Research, https://law.counselstack.com/opinion/canister-co-v-commissioner-ca3-1935.

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