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UNITED STATES v. KAPLAN

No. 667.

304 U.S. 195 (1938)

UNITED STATES v. KAPLAN.

Supreme Court of United States.

Decided May 2, 1938.

Attorney(s) appearing for the Case

Mr. Edward J. Ennis, with whom Acting Solicitor General Bell, Assistant Attorney General Morris, and Messrs. J. Louis Monarch and F.E. Youngman were on the brief, for the United States.

Mr. Llewellyn A. Luce for respondent.

MR. JUSTICE BUTLER delivered the opinion of the Court.

Respondent and his wife in a joint return of income tax for 1929 reported a profit of $194,000 from the sale of 25 shares of the stock of "No. 1100 Park Avenue," and disclosed tax of $2,084.20, which was paid. The taxable income was less than the profit in question. It resulted from the sale by him, April 11, 1929, for a net price of $240,000 of stock bought in 1928 for...

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