Memorandum Findings of Fact and Opinion
The respondent determined a deficiency in petitioner's income tax for the year 1940 in the sum of $5,738.53, consequent upon his holding that a long-term capital loss of $17,000 claimed as a deduction for the alleged worthlessness of 1,000 shares of common stock of the Chicago and Eastern Illinois Railway Company was not deductible in the taxable year.
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