Stern v. Gray

The plaintiff and respondent is a resident of North Dakota who has for a number of years been the principal stockholder and an executive in a corporation that operates a clothing business, lie filed an income tax report with the State Tax Commissioner, in which he reported his income for the year 1938. Included in this report was an item of $1,437.36, representing a loss resulting from the sale of bonds of private corporations which the plaintiff had purchased at various times during the eight years preceding 1938. The loss was occasioned by the sale of the bonds at prices less than the…