L. HAND, Circuit Judge (after stating the facts as above).
The question is whether the petitioner was entitled in 1921 to deduct a loss estimated by the difference between the cost of his shares sold in that year and the sale price, which was nothing. If the loss was then sustained, he might do this; otherwise, not, for the statute of 1921 (section 214 (a) (4), 42 Stat. 239), like its predecessor of 1918, allowed the deduction only of "losses sustained during the...
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