BUFFINGTON, Circuit Judge.
This is a petition for review of a decision of the Board of Tax Appeals. The petitioner's decedent traded, through brokers, in stocks and other securities which were handled in margin accounts. The Commissioner, applying the first-in first-out rule, held the taxpayer had not reported in full in 1926 and 1927 the profits made on sales of stock. The taxpayer kept her books on the cash receipts and disbursements basis.
Although several...
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