United States Board of Tax Appeals May 19, 1936, Docket No. 78907. (Page v. Commissioner)

lead-opinion

*591OPINION.

Smith:

This is a proceeding for the redetermination of a deficiency in income tax for 1932 in the amount of $28,167.89. During the year the petitioner sold certain securities which he had held for a period of more than two years at a large loss.