McDERMOTT, Circuit Judge.
In its return of income for 1927, petitioner deducted $42,688.91 as a business loss. The Commissioner disallowed it and the Board of Tax Appeals affirmed. The circumstances are these:
In 1919 petitioner ordered 500,000 yards of cloth from Woodward, Baldwin & Co., for delivery between March and September, 1920, at 39½ cents a yard. Thirty thousand yards were delivered in April, 1920, made up into clothing and paid for. Petitioner...
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