L. HAND, Circuit Judge.
The question presented by this appeal, stripped of confusing details, is as follows: During the years 1922 and 1923, a number of companies were affiliated under section 240(b) of the Act of 1921 (42 Stat. 260). Most of the affiliates had net losses in their incomes for 1922, which they were entitled to carry over to the year 1923 under section 204 (b), 42 Stat. 231. The carried over loss in one instance was more than enough to cancel the income...
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