WYZANSKI, District Judge.
The issue in this case is whether a taxpayer incurred in 1934 an ordinary, fully deductible loss or a capital loss deductible only to a limited extent.
The taxpayer in 1933 owned common stock of the insolvent Worcester Bank and Trust Company (hereafter sometimes called Bank 1) on which he had been assessed $120,000.
To satisfy his stockholder's liability the taxpayer was invited to assent to a Plan of Reorganization dated...
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