MARTIN, Chief Justice.
The issue in this case relates to income taxes for the year 1927. The item in question is a net loss sustained by petitioner in the year 1926, claimed by petitioner to be attributable to the operation of a trade or business regularly carried on by him in the year 1926, and therefore deductible from his net income in the succeeding taxable year (1927) under section 206, Revenue Act of 1926 (44 Stat. 9, 17 [26 USCA § 937]). The controlling...
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