WILMINGTON CO. v. HELVERING

No. 775.

316 U.S. 164 (1942)

WILMINGTON TRUST CO., EXECUTOR, v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided April 27, 1942.


Attorney(s) appearing for the Case

Mr. William S. Potter for petitioner.

Mr. Richard H. Demuth, with whom Solicitor General Fahy, Assistant Attorney General Clark, and Messrs. J. Louis Monarch and Morton K. Rothschild were on the brief, for respondent.


MR. JUSTICE DOUGLAS delivered the opinion of the Court.

The sole question presented by this case is whether certain sales of shares of stock made by the taxpayer, petitioner's decedent, were "short" sales or sales of "long" stock. If they were not "short" sales, then the taxpayer was justified in deducting from dividends credited to the "long" shares the amount of dividends charged to the shares sold.

The taxpayer...

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