This proceeding involves a deficiency in income tax for the year 1937, determined by respondent in the amount of $86,489.24. The question presented is whether the sum of $155,000 expended by petitioner in connection with the registration and sale of certain stock owned by him, and the sum of $1,275 paid by petitioner to an attorney, are deductible as ordinary and necessary nontrade or nonbusiness expenses. Most of the facts were stipulated by the parties and are found accordingly...
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