A deficiency in income tax for 1952 of $2,075.42 is in controversy. The sole issues are whether petitioner is entitled to deduct an alleged loss incurred when a loan in British pounds was repaid, and if so, the nature of the loss.
FINDINGS OF FACT.
Petitioner is an individual residing at 687 Lexington Avenue, New York City. He filed his individual income tax return for the year 1952 with the director of internal revenue, Upper Manhattan District, New York...
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