SPARKS, Circuit Judge (after stating the facts as above).
The sole issue herein involved is the deductibility from income of Hines of the amount paid by him as a result of his guaranty to protect Shank & Co. from loss incurred by them in the erection of the Edward Hines Jr. Hospital.
Petitioners contend, however, that Hines' loss was initiated when he bought the mortgage securities in December, 1917, and was not caused by his indemnifying contract with...
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