Hugo Black

“ Section 23 (r) allows losses on stock sales to be deducted only to the extent of gains realized from such sales. [2] If respondent was engaged in the 'business' of buying and selling securities, and the brokers' commissions were not a 'part of the cost' of the securities purchased, but were ordinary business expenses (as defined in Section 23 (a) ) , respondent was justified in deducting the brokers' commissions from his gross income for the taxable year. However, if these commissions represent a part of the cost of the securities, respondent's right to deduct is limited by Section 23 (r) . ”

“ Determination of amount of gain or loss.↑ Revenue Act of 1932.↑ 35 B.T.A. 804.↑ 2 Cir., 93 F.2d 494.↑ See, Art. 8, Paragraph 108, T.R. 33 (Revised 1918) .↑ Art. 293 of T.R. 45 (1918) , 62 (1921) ; Art. 292 of T.R. 65 (1924) , 69 (1926) ; Art. 282 of T.R. 74 (1928) , 77 (1932) ; Art. ”