DENMAN, Chief Judge.
Taxpayer, Alexander & Baldwin, Limited, appeals from a judgment refusing a $50,000 deduction from its income for the tax year 1932.
In 1931 the Henry Waterhouse Trust Company, Limited, a Hawaiian corporation, although conducting business as usual, was encountering great financial difficulties in that year of world depression. The Bishop Trust Company, Limited, agreed to take over the Waterhouse Company's business and liquidate all...
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