DUFFY, Circuit Judge.
This is an appeal by the Commissioner of Internal Revenue (Commissioner) from a decision of the Tax Court holding certain items hereinafter described were deductible in computing a net operating loss carryback from 1949 to 1947 under the provisions of section 122(d) of the 1939 Revenue Code, 26 U.S.C.A. § 122(d).
From 1945 through 1949 taxpayer, operating as a sole proprietor, was engaged in business as a dealer in hides and skins...
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