MATHEWS, Circuit Judge.
Respondent, the Commissioner of Internal Revenue, determined that in 1927 petitioner, H. T. Robinson, had acquired, at a total cost of $35,751.93, bonds of Ocean Park Heights Water Company, Incorporated, of the face value of $100,000 and 1,250 shares of that company's capital stock; that, later in 1927, petitioner had sold part of the bonds ($80,000 face value) for $73,467.36, realizing therefrom a net gain of $37,715.43; that in 1928 petitioner...
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