Commissioner v. Purdy

SWEENEY, District Judge.

This is a petition to review a decision of the Board of Tax Appeals of November 26, 1937 (36 B.T.A. 572), in which it was determined that a deficiency existed in the income tax of this respondent for the year 1932 in the amount of $233.09.

The question before the court is whether a gain from the sale by the taxpayer of 1,-100 shares of General Electric Company stock was a capital gain which could not be used to offset a loss from the sale of other securities held less than two years.

The Board found as facts that the respondent, during 1932, was engaged in the business…