EVANS, Circuit Judge.
Whether an asserted loss was a deductible income tax loss or a capital expenditure is the issue. The taxpayer filed suit for a refund and the District Court found in its favor, granting judgment for $12,927.30 and interest. The Government appeals.
In March, 1937, plaintiff executed a contract with a broker whereby the latter was to effect the conversion of plaintiff's debentures into its common stock. Plaintiff agreed to, and immediately...
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