United States Board of Tax Appeals September 8, 1937, Docket No. 79959. (Kelly v. Commissioner)

lead-opinion

OPINION.

Mellott:

The petitioners, who are husband and wife, residing at White Plains, New York, filed a joint return of income for the year 1932. Therein they deducted as a capital' net loss $2,606.25, claimed to have been sustained in connection with the surrender by Orie R. Kelly of one-half of the stock owned by him in the County Trust Co.