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STIFEL, NICOLAUS & CO. v. COMMISSIONER

Docket No. 15918.

13 T.C. 755 (1949)

STIFEL, NICOLAUS & CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 17, 1949.

Attorney(s) appearing for the Case

Alfred O. Heitzmann, Esq., and Fred L. Kuhlmann, Esq., for the petitioner.

Gene W. Reardon, Esq., and Marvin E. Hagen, Esq., for the respondent.

This proceeding involves deficiencies of $24,414.81 in income tax and $8,804.12 in excess profits tax for 1945. The petitioner concedes one of the issues raised in the pleading, admitting that it is taxable on the amount of $48,742.62, representing the value of interest coupons on certain bonds. The only issue remaining for our determination is whether the gain from the sale of shares of stock of the Wisconsin Hydro-Electric Co. is taxable as capital gain or as ordinary income...

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