Memorandum Findings of Fact and Opinion
LEECH, Judge:
Respondent has determined a deficiency of $12,337.88 in income tax for the calendar year 1940. Petitioners claim an overpayment of $29,395.45. The issues are: (a) the cost basis to petitioner, Cecil P. Stewart, of certain stock sold by him in the taxable year; (b) whether a loss sustained by him on the sale of stock in a co-operative apartment corporation was incurred in trade or business or a transaction...
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