William O. Douglas

“ The sole question presented by this case is whether certain sales of shares of stock made by the taxpayer, petitioner's decedent, were 'short' sales or sales of 'long' stock. If they were not 'short' sales, then the taxpayer was justified in deducting from dividends credited to the 'long' shares the amount of dividends charged to the shares sold. ”

“ Those findings are supported by substantial evidence and are abundant justification for the Board's ultimate finding that the sales made through the 'short' account were ordinary sales. It is the function of the Board, not the Circuit Court of Appeals, to weigh the evidence, to draw inferences from the facts, and to choose between conflicting inferences. The court may not substitute its view of the facts for that of the Board. Where the findings of the Board are supported by substantial evidence they are conclusive. ”

“ Dividends were collected for the taxpayer only on the number of shares by which her 'long' position exceeded her 'short' position. On the other hand, whenever the taxpayer's 'long' accounts contained no shares of the kind sold, the broker executed the sale as a 'short' sale, required the customary margin, charged the 'short' sale tax, and made delivery from borrowed stock. On the basis of such facts the Board found that 'the sales in question were intended to be and were actually executed as ordinary sales, or sales of shares held' in the taxpayer's 'long accounts'. ”