KERNER, Circuit Judge.
This appeal is from a decision of the Board of Tax Appeals approving the action of the respondent, who found that petitioner was liable for a deficiency income tax for the year 1932. The deficiency resulted from the disallowance by the respondent of a deduction for losses sustained in 1931. There is no dispute as to the amount or as to the sustaining of the losses. Our question is whether the net losses which the petitioner sustained in 1931...
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