Court of Appeals for the Ninth Circuit March 16, 1940, No. 9234 (J. E. Riley Inv. Co. v. Commissioner)

lead-opinion

HEALY, Circuit Judge.

The case is here on petition to review a decision of the Board of Tax Appeals. It involves the construction of a provision of §114 (b) (4) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts.

That act (§ 23 (m), 26 U.S.C.A. Int.Rev.