WATERMAN, Circuit Judge.
Petitioners, husband and wife, seek a reversal of the Tax Court decision sustaining the Commissioner's disallowance of a loss deduction claimed by them for the years 1948, 1949 and 1950.
In 1933 Mr. Haas organized Oxford Looms, Inc., a woolen mill. Although he had all of its authorized common stock, consisting of 500 shares, issued to his daughter as a gift, the operation and management of Oxford, since the time of its incorporation...
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