MR. JUSTICE CARDOZO delivered the opinion of the Court.
The question to be decided is whether the difference between the value of real estate at the death of a testator and the proceeds realized thereafter upon a sale by the trustees may be deducted as a loss by the taxpayer, the beneficial owner of the proceeds, upon his return to the collector for the income of the year.
Richard T. Wilson, Sr., a resident of New York, died in November, 1910, the owner of...
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