AUGUSTUS N. HAND, Circuit Judge.
The petitioner reported as net gain the sum of $490,006.67 realized from the sale of 14,000 shares of stock of the Public Service Corporation of New Jersey in the year 1929, and paid a tax thereon at the rate of 12½ per cent. The Commissioner in auditing the return held that the profit was taxable as ordinary income and assessed a deficiency of $51,353.70 against the taxpayer.
Under section 101 (a), (c) (1), and (8) of...
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