DAVIS, Circuit Judge.
This petition for review involves a deficiency in income taxes for the year 1927. The questions here are whether or not the petitioner may deduct from his gross income certain dues and contributions paid, as a member, to the New York Stock Exchange and losses sustained in operating a racing stable.
During 1927, the petitioner was a partner in the brokerage firm of Richard Whitney & Co. He and two other partners were members of the...
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