SWAN, Circuit Judge.
The question presented by this appeal is whether a loss sustained by the taxpayer on the sale of New York World's Fair debentures, which it purchased as a condition precedent to obtaining souvenir and postcard concessions at the Fair, should be considered a long-term capital loss or a business expense in computing the taxpayer's excess profits tax for the fiscal year ending May 31, 1941.
The facts as found by the Tax Court are as follows...
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