FOSTER, Circuit Judge.
In making returns for income taxes for the year 1932 petitioner sought to deduct losses incurred by a trust created by his grandfather, under the law of Louisiana, of which he was a beneficiary. Petitioner contended that under the law of Louisiana the trust vested in him absolute title to one-half of the property donated, subject only to the right of the trustee to manage the trust estate as agent of petitioner. The Commissioner disallowed the...
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