HUTCHESON, Circuit Judge.
The suit was to recover income taxes paid for the year, 1935. The claim was that an ascertained loss in that year on account of certificates of indebtedness, issued by the Creditors' Committee of American Refining Company, Inc., et al., was a bad debt loss, and deductible for the full amount, $153,030.15. The defense was that, it was within the provisions of the Revenue Act of 1934, 48 Statutes, 711-714, §§ 115-117, 26 U.S.C.A....
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