Commissioner of Internal Revenue v. Cummings

HUTCHESON, Circuit Judge.

This petition to review a Board of Tax Appeals’ decision questions the finding of the Board that gains from 1,202 of the 2,300 shares of common stock of Commonwealth & Southern Corporation the taxpayer sold in 1929 were capital assets, and the gains from their sale, capital gains. These s'hares, and the 601 shares of Southeastern Power & Light Company which had been surrendered for them in what the parties have agreed was a nontaxable exchange, had been held by the taxpayer for less than two years before the sale. The challenged finding that the shares in question…