Court of Appeals for the Second Circuit June 7, 1937, 329 (Helvering v. Smith)

L. HAND, Circuit Judge.

The Commissioner appeals from a ruling by the Board of Tax Appeals, allowing the taxpayer to compute his tax under section 101 (a) of the Revenue Act of 1928, 26 U.S.C.A. § 101 note; that is to say, holding that the transaction involved resulted in a “capital net gain,” section 101 (c) (5), 26 U.S.C.A.