MR. JUSTICE MURPHY delivered the opinion of the Court.
This case is a companion to Jones v. Liberty Glass Co., ante, p. 524.
The stipulated facts show that on March 16, 1936, the respondent taxpayer filed with the Collector of Internal Revenue a joint individual income tax return for himself and his wife for the calendar year 1935. This disclosed a tax liability of $8,017.01, which was duly paid. In the return the losses and gains from sales...
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