SWAN, Circuit Judge.
The deficiency in dispute resulted from the disallowance by the commissioner of a deduction of $41,600 claimed in the taxpayer's 1937 return as an ordinary loss, deductible under section 23 (e) (2) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev. Code § 23 (e) (1), in respect to 416 shares of preferred stock of William B. Nichols & Co. This corporation was engaged in the business of industrial management and engineering. Its income was...
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