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COMMISSIONER OF INTERNAL REVENUE v. JOHNSTON

No. 7994.

107 F.2d 883 (1939)

COMMISSIONER OF INTERNAL REVENUE v. JOHNSTON.

Circuit Court of Appeals, Sixth Circuit.

December 8, 1939.

Attorney(s) appearing for the Case

Joseph M. Jones, Sp. Asst. to Atty. Gen. (James W. Morris, Asst. Atty. Gen., and Sewall Key and Joseph M. Jones, Sp. Assts. to Atty. Gen., on the brief), for petitioner.

C. Frederic Stanton, of Detroit, Mich., for respondent.

Before HICKS, SIMONS, and ALLEN, Circuit Judges.

HICKS, Circuit Judge.

Petition of the Commissioner of Internal Revenue to review a decision of the Board of Tax Appeals reversing his action in assessing a deficiency in income taxes against respondent in the amount of $5,951.39 for 1932. The case turns on the right of respondent to deduct losses in connection with the sale of certain securities.

The basic facts are undisputed. As found by the Board they are as follows:

In July, 1929, respondent created...

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