Thomas v. Obenchain

Fifth Circuit

Thomas v. Obenchain

185 F.2d 455, 39 A.F.T.R. (P-H) 1293, 1950 U.S. App. LEXIS 3913

Court of Appeals for the Fifth Circuit·Decided December 6, 1950·No. 12972_1·Published·Cited by 2 cases

Opinion

HOLMES, Circuit Judge.

The trial court held that Mrs. Goodwin inherited a business from Her Tiusband, and at the time in question was engaged in the money-lending business, which in- *456 eluded investments. We think she was merely investing her own money, and was not engaged in a trade or 'business within the meaning of Section 23 (k) (4) of the Internal Revenue Code, 26 U.S.C.A. § 23' (k) (4). We agree with appellant that, under the evidence in the case, the lower court’s finding was clearly erroneous. See Higgins v. Commissioner of Internal Revenue, 312 U.S. 212, 61 S.Ct. 475, 85 L.Ed. 783.

The judgment appealed from is reversed, and the cause remanded for further proceedings not inconsistent with this opinion.

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HOLMES, Circuit Judge.

The trial court held that Mrs. Goodwin inherited a business from Her Tiusband, and at the time in question was engaged in the money-lending business, which in- *456 eluded investments. We think she was merely investing her own money, and was not engaged in a trade or 'business within the meaning of Section 23 (k) (4) of the Internal Revenue Code, 26 U.S.C.A. § 23' (k) (4). We agree with appellant that, under the evidence in the case, the lower court’s finding was clearly erroneous. See Higgins v. Commissioner of Internal Revenue, 312 U.S. 212, 61 S.Ct. 475, 85 L.Ed. 783.

The judgment appealed from is reversed, and the cause remanded for further proceedings not inconsistent with this opinion.

Thomas v. Obenchain, 185 F.2d 455, 39 A.F.T.R. (P-H) 1293, 1950 U.S. App. LEXIS 3913 (5th Cir. 1950).

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Opinion

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