JONES, Circuit Judge.
The question in this case is whether an admitted loss suffered by a taxpayer was an ordinary loss for which he may claim deduction in full in his income tax return or whether it was a loss incurred in the sale or exchange of a capital asset for which his right to deduction is limited under the applicable Revenue Act.
In 1922 the petitioner and three associates purchased, as tenants in common, a piece of valuable real estate, located in...
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