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HORT v. COMMISSIONER

No. 517.

313 U.S. 28 (1941)

HORT v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided March 31, 1941.

Attorney(s) appearing for the Case

Messrs. Walter J. Rosston and Edwin Hort submitted for petitioner.

Mr. Richard H. Demuth, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Messrs. Sewall Key and Morton K. Rothschild were on the brief, for respondent.

MR. JUSTICE MURPHY delivered the opinion of the Court.

We must determine whether the amount petitioner received as consideration for cancellation of a lease of realty in New York City was ordinary gross income as defined in § 22 (a) of the Revenue Act of 1932 (47 Stat. 169, 178), and whether, in any event, petitioner sustained a loss through cancellation of the lease which is recognized in § 23 (e) of the same Act...

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