Nicholson v. Commissioner of Internal Revenue

THOMAS, Circuit Judge.

This is a petition to review a decision of the United States Board of Tax Appeals (32 B.T.A. 977) affirming deficiencies of income tax for the calendar year 1929 against James Nicholson in the amount of $5,516.51 and against Ada M. Nicholson in the amount of $1,334.71. The cases were consolidated for hearing before the Board and come here upon a joint petition for review.

There are involved in the consolidated cases two items claimed by the petitioners as deductible losses for the tax year. The first item is for a claimed loss on the alleged sale of 790 shares of National…