Fawsett v. Commissioner

*141OPINION.

Aeundell :

At the time the sales of securities took place both petitioner and his wife were taxpayers within the meaning of the Revenue Act of 1928. Each had bought securities at a price and each had sold these securities for a price less than what they had paid for them. Under such circumstances each sustained a loss which section 23 (e) permits to be deducted in determining their net income for the purpose of taxation.

But respondent contends that by reason of electing to report their income for 1929 in a joint return, a privilege which the statute grants to married persons,…