MR. JUSTICE SUTHERLAND delivered the opinion of the Court.
The question in this case arises under § 214 (a) of the Revenue Act of 1918, c. 18, 40 Stat. 1057, 1066, 1067, the pertinent part of which is as follows:
"Sec. 214 (a). That in computing net income there shall be allowed as deductions:
"(5) Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit...
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