No. 581 and 582.

315 U.S. 626 (1942)


Supreme Court of United States.

Decided March 16, 1942.

Attorney(s) appearing for the Case

Messrs. Thomas M. Wilkins and Walter Slack for petitioner.

Mr. Arnold Raum, 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 BLACK delivered the opinion of the Court.

During 1934 and 1935, the petitioner bought and sold stocks, bonds, and commodities. In connection with the sales, he paid selling commissions to brokers, and in his books these commissions were deducted from selling price before net profit or loss was determined. In his income tax returns for 1934 and 1935, he treated the commissions similarly, not making deductions for...

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