PHILLIPS, Chief Judge.
The question presented on this appeal is whether a payment made by a taxpayer to his employer for an alleged "insider" profit in a stock transaction, which was in the nature of a business expense but which had its genesis in a transaction in which the taxpayer realized a long term capital gain, should be treated as a long term capital loss. Stated differently, the issue is whether the tax benefits doctrine of Arrowsmith v. Commissioner of Internal...
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