Neuberger v. Commissioner of Internal Revenue

During the year 1932 the taxpayer, who was a member of the New York Stock Exchange, was engaged in the business of trading in securities on the floor of the Exchange- for a partnership of which he was a member and also for his individual account. The taxpayer’s petition presents two questions: (1) whether a loss sustained by him during the year on his individual transactions in stocks and bonds which were non-capital assets as defined in section 101 of the Revenue Act of 1932, 26 U.S.C.A. § 101 note, may be offset against his share of partnership profits realized during the same period from…