SWAN, Circuit Judge.
The questions presented involve the construction of section 234(a) of the Revenue Act of 1918 (40 Stat. 1077). This section declares that in computing the net income of a corporation there shall be allowed as deductions from gross income:
"(4) Losses sustained during the taxable year and not compensated for by insurance or otherwise;
"(5) Debts ascertained to be worthless and charged off within the taxable year. * * *"
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