MATHEWS, Circuit Judge.
In his territorial income tax return for 1930, apppellant, Edmund J. Lord, a resident of the territory of Hawaii, reported as his total income for that year $527,598.20, against which he claimed deductions and exemptions amounting to $535,943.78, thus showing no taxable net income, but a deficit of $8,345.58. Among the deductions claimed by appellant was an item of $406,569.98, received by him in 1930 from E. J. Lord, Limited, a Hawaiian corporation...
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