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185 F.2d 455

Docket No. 12972.

Thomas v. Obenchain

Fifth Circuit Court of Appeals

Decided Dec. 6, 1950.

Fifth Circuit Court of Appeals · decided 1950-12-06

Cited by 4 later decisions — most recently April 1954

3 federal appellate ·

2 counsel of record

Applies 26 U.S.C. § 23

Relies on Higgins v. Commissioner

Good law ✅— No negative treatment on recordhow we know

Decided 1950-12-06

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¶1Edward J. P. Zimmerman, Sp. Asst, to the Atty. Gen., Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Sp. Asst, to the Atty. Gen., Frank B. Potter, U. S. Atty., Fort Worth, Tex., O. Morris Harrell, Asst. U. S. Atty., Dallas, Tex., for appellant.

¶2Geo. S. Atkinson, Tom B. Rhodes, Jr., Dallas, Tex., for appellees.

¶3Before HUTCHESON, Chief Judge, and HOLMES and RUSSELL, Circuit Judges.

¶4HOLMES, Circuit Judge.

¶5The 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-*456eluded 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.

¶6The judgment appealed from is reversed, and the cause remanded for further proceedings not inconsistent with this opinion.

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