White v. Atkins

WILSON, Circuit Judge.

This is an appeal from a judgment of the District Court of Massachusetts involving the construction of sections 21, 22, 23, and 101 of the Revenue Act of 1928 (2.6 USCA §§ 2.021-2023, 2101). Sections 21, 22!, and 23 provide for the method of determining the net income of an individual as a basis for assessing his income tax according to the normal a,nd surtax rates provided in the act; while section .101 provides, at the option of the taxpayer, for a separation of the taxpayer’s capital net gain realized from the salé or exchange of capital assets, from his net income…