Schiffer v. Commissioner

*163OPINION.

Murdock :

The decision of this case turns upon a question of fact, i. e., were the General Cigar Co. shares and the Van Camp Packing Co. shares held by the partnership primarily for sale in the course of its business. If they were so held, then the shares were not capital assets within the meaning of that term as defined in section 101 (c) (8) of the Kevenue Act of 1932, the loss from the sale of the shares was not a capital loss, and the loss should be deducted from the gains of the partnership from the sales of other securities in determining the petitioner’s distributive share of…