Supreme Court Ruling, Daily Racing Form, 1938-11-10

SUPREME COURT RULING WASHINGTON, D. C, Nov. 9. The Supreme Court today ruled that a taxpayer who buys and sells stocks does not have the right to deduct from gross income, under the head of ordinary and necessary business expense, brokerage commissions paid to purchase of securities. The government appealed the case after the Second Circuit Court of Appeals of New York permitted Robert C. Winmill to deduct ,763 in brokerage commissions paid in 1932.