PHILLIPS, Circuit Judge.
This is an appeal from a judgment denying a claim for refund of corporation income and excess profits taxes for the fiscal year ending May 31, 1946. The question presented is whether the taxpayer sustained a loss in that fiscal year entitling it to a deduction under § 23(f) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 23(f).
The taxpayer, the Ismert-Hincke Milling Company,
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