L. HAND, Circuit Judge.
The question on which this appeal turns is whether one of the taxpayers, the husband, should have been allowed to deduct as a loss in 1933, the cost of his interest in certain shares of stock in the Continental Corporation, a New York corporation organized in 1929, which was wound up without assets in 1933. He claimed the deduction under § 23(e) (2) of the Revenue Act of 1932, 26 U.S.C.A. § 23 (e) (2), as a one, "incurred in" a "transaction...
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