HOLMES, Circuit Judge.
This appeal is from a judgment in favor of the taxpayer; it involves income taxes and declared-value excess profits taxes for the year 1940. The question for determination is whether or not the taxpayer is entitled to exclude from its gross income a portion of the gain realized on the sale in 1940 of corporate stock, acquired in 1932 in satisfaction of a debt, where only a portion of the loss suffered on the bad debt was of tax benefit. The...
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