Weir v. Commissioner of Internal Revenue

CLARK, Circuit Judge.

The first issue at bar concerns the dis-allowance of a loss deduction from petitioner’s net income for the year 1932. The loss asserted is on a transaction involving the purchase and sale of preferred stock in the Bellefield Company, a corporation which owned hotels and apartment houses in Pittsburgh. Petitioner bought the stock in lots at various times in 1925 and 1926, and sold it on December 16, 1932. He repurchased it three and one-half months later, on March 1, 1933. We say “it” because, as it happened, the identical shares were reacquired on repurchase. One Falk, an…