MOORMAN, Circuit Judge.
Section 204 (b) of the Revenue Act of 1918 (40 Stat. 1061) provides that "if for any taxable year beginning after October 31, 1918, and ending prior to January 1, 1920, it appears upon the production of evidence satisfactory to the Commissioner that any taxpayer has sustained a net loss, the amount of such net loss shall under regulations prescribed by the Commissioner with the approval of the Secretary be deducted from the net income of the...
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