HAMILTON, Circuit Judge.
Respondent on rehearing, urges that in no event does Section 118 of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 118, apply to the losses on the sales of cotton futures by petitioner, because in its switching operations, petitioner did not sell and repurchase substantially identical property.
The factual base for respondent's contention is (a) that in each switching transaction, the date of the delivery of the oil in...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
