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SCHAFER v. HELVERING

No. 24.

299 U.S. 171 (1936)

ALGERNON S. SCHAFER v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided December 7, 1936.

Attorney(s) appearing for the Case

Mr. Eugene Untermyer, with whom Mr. Edgar J. Goodrich was on the brief, for petitioners.

Assistant Attorney General Jackson, with whom Solicitor General Reed and Messrs. Sewall Key, Carlton Fox, and Charles A. Horsky were on the brief, for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Petitioners in these three causes were partners in Schafer Brothers, brokers at 120 Broadway, and member of the New York Stock Exchange. The firm traded for others; also bought and sold securities for itself. The latter were carried on its books in the so-called "Error Account."

In order to ascertain the partners' taxable profits during 1929 the Commissioner...

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