CHASE, Circuit Judge.
During the taxable year 1932, the appellant had, and reported, net income of $17,160.35 derived other than from sales or exchanges of stocks and bonds held not more than two years. That is to say, he had no income whatever from sales or exchanges of what are by section 101 of the Revenue Act of 1932 (47 Stat. 191) defined to be noncapital assets.
During the same taxable period he sold stocks which were noncapital assets within the definition...
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