McDERMOTT, Circuit Judge.
The taxpayer, Spencer Penrose, sued the Collector of Internal Revenue to recover $85,799.04 income tax for the year 1918, paid by him under protest on July 1, 1924. A jury was waived in writing. The trial court heard the testimony, made findings of fact, and as a conclusion of law therefrom found that the plaintiff was entitled to recover $63,870.19 and interest, on account of the refusal of the government to allow a deduction for losses...
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