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UNITED STATES v. FLANNERY

No. 527.

268 U.S. 98 (1925)

45 S.Ct. 420

69 L.Ed. 865

THE UNITED STATES v. FLANNERY ET AL., EXECUTORS OF THE ESTATE OF JAMES J. FLANNERY, DECEASED.

Supreme Court of United States.

Decided April 13, 1925.

Attorney(s) appearing for the Case

The Solicitor General, with whom Messrs. Nelson T. Hartson, Solicitor of Internal Revenue, and Frederick W. Dewart, Special Attorney, were on the brief, for the United States.

Mr. Edward S. Burling, with whom Mr. Spencer Gordon was on the brief, for appellees.

Messrs. Richard W. Hale and Reginald H. Smith filed a brief as amici curiae, by special leave of Court.

Messrs. Sanford Robinson, Arthur Ballantine and Bernhard Knollenberg, also filed a brief as amici curiae, by special leave of Court.

MR. JUSTICE SANFORD delivered the opinion of the Court.

James J. Flannery bought, prior to March 1, 1913, certain corporate stock for less than $95,175. Its market value on March 1, 1913 was $116,325. He sold it in 1919 for $95,175, that is, for more than cost. He died in March, 1920. The executors of his estate in returning his income for the year 1919 deducted, as a loss, the difference between the market value of the stock on March 1, 1913, and the price received...

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