Foster v. Commissioner of Internal Revenue

AUGUSTUS N. HAND, Circuit Judge.

The result of this appeal is by agreement to determine the proper way to compute the income taxes for the year 1930 of four taxpayers, though only those of Emily Foster are immediately reviewed. Both she and the Commissioner of Internal Revenue appeal from an order of the Board of Tax Appeals fixing her tax deficiency at $6,608.97, the taxpayer on the ground that the Board declined to allow sufficient deductions for losses on sales of stock, and the Commissioner on the ground that it allowed too much for losses on such sales. We think the Board was right and…