SWAN, Circuit Judge.
For each of the years in question the Commissioner disallowed a deduction claimed by the taxpayer as a loss sustained on a sale of shares of stock, and determined a tax deficiency. Upon appeal by the taxpayer, the Board of Tax Appeals held that the losses were proper deductions and reduced the deficiencies accordingly. The Commissioner seeks a reversal of this order. The case was heard by the Board upon stipulated facts.
In 1927 the respondent...
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