Messrs. Irving Mariash and I. Maurice Wormser, both of New York City, for petitioners.
Mr. Justice ROBERTS delivered the opinion of the Court.
Section 800, Schedule A(4), of the Revenue Act 1926 (44 Stat. 99, 101), 1 imposes a stamp tax upon 'each sale, agreement of sale, or agreement to sell (not including so-called transferred or scratch sales) * * * at, or under the rules or usages of, any exchange * * * for future delivery.' Whether the tax is payable upon a broker's transfer of a customer's account in cotton futures to another broker through the cotton exchange is the matter in controversy. The Circuit Court of Appeals has held the transaction taxable. 2 A conflict of decision moved us to grant certiorari.