SIBLEY, Circuit Judge.
The question is whether a loss realized and made final in the tax year 1935 by electing, pursuant to a contract of purchase of land, to surrender all rights in the land in return for release from obligation to pay the purchase money, is an ordinary loss deductible in full or a capital loss limited to $2,000 under Section 117(d) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 707.
The agreed facts are these: On October 1, 1929...
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