MR. JUSTICE STONE delivered the opinion of the Court.
The question decisive of this case is whether, under §§ 23 and 101 of the Revenue Act of 1928, 45 Stat. 791, upon a liquidation of a corporation, stockholders' losses from their investment in its stock held for more than two years are ordinary losses deductible in full from gross income, or capital losses, 12 1/2% of which is deductible under § 101 from the tax as computed without regard to such...
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