JONES, Circuit Judge.
The question here involved is whether certain losses which the petitioning taxpayer deducted in full in his income tax return for the year 1935 constituted ordinary losses, as he argues, or whether they were capital losses as the Commissioner of Internal Revenue held them to be. The extent of their deductibility, as capital losses, being limited by Secs. 23 (j) and 117 (d) of the pertinent Revenue Act, Act of 1934, 26 U.S.C.A. Int.Rev.Acts pages...
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