Hoffman v. Commissioner

OPINION.

Trammell :

This proceeding is for the redetermination of a deficiency in income tax of $1,671.18 for 1926. The only question pre*1265sented by the petition as amended is whether in the determination of the petitioner’s tax liability an amount of $45,233.75 alleged to represent losses sustained on the sale of certain corporate stock and machinery held for more than two years is to be allowed as a deduction against ordinary income under the provisions of section 214 (a) (4) or (5) of the Revenue Act of 1926, or is to be treated as a “ capital net loss ” within the meaning of the provisions of…