SWAIM, Circuit Judge.
The question presented is whether or not the petitioner, Loewi & Co., incurred during its fiscal year ending November 30, 1946, either a "bad debt" deductible from income under Section 23(k) (1) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 23(k) (1), or a "loss" deductible under Section 23(f), 26 U.S.C.A. § 23(f).
The petitioner is a stockbroker. During 1946 it purchased for a customer certain "when, as and if issued...
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