Pierce v. Commissioner of Internal Revenue

SWAN, Circuit Judge.

The petitioners, husband and wife, elected to file a single joint return for the year 1933, as they were privileged to do by virtue of section 51(b) of the Revenue Act Of 1932, 47 Stat. 188, 26 U.S.C.A. § 51(b). Mr. Pierce realized a profit of nearly $55,-000 from the sale during 1933 of securities which were not “capital assets” as defined in section 101, 47 Stat. 191, 192, 26 U.S.C. A. § 101 note; that is to say, the securities so sold had not been held by him for more than two years. During the same year Mrs. Pierce sustained a loss of $3,646.78 in selling securities…