Opinion
Nos. 9076-9080.
Argued February 8, 1946.
Decided February 25, 1946.
On Petitions for Review of Decisions of the Tax Court of the United States.
Separate petitions by the Estate of Dorothy Makransky, deceased, Harry Makransky and Murray J. Makransky, executors, by Edward Makransky, by Louis Makransky, by Harry Makransky, and by Sadye Makransky for review of decision of the Tax Court of the United States, 5 T.C. 397, that losses which petitioners had incurred in the sale of contracts for future delivery of wool was a loss on the sale of capital assets and not deductible as an ordinary and necessary expense of their business, or as a loss, which petitions were opposed by the Commissioner of Internal Revenue.
Decisions affirmed.
Morris Wolf, of Philadelphia, Pa., (Samuel H. Levy, and Wolf, Block, Schorr Solis-Cohen, all of Philadelphia, Pa., on the brief), for petitioners.
Carlton Fox, of Washington, D.C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and A.F. Prescott, Sp. Assts. to Atty. Gen., on the brief), for respondent.
Before MARIS, GOODRICH, and O'CONNELL, Circuit Judges.
In these cases the taxpayers ask this court to review the finding of the Tax Court that a loss which they incurred in the sale of contracts for the future delivery of wool was a loss upon the sale of capital assets and not an ordinary and necessary expense of their business deductible under Section 23(a) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(a), or a loss deductible under Section 23(e). We think that this is a finding which this court is not at liberty to review. Dobson v. Commissioner, 1943, 320 U.S. 489, 64 S.Ct. 239, 88 L.Ed. 248; John Kelley Co. v. Commissioner, 1946, 66 S.Ct. 299.
The decision of the Tax Court is affirmed.