CUMMINGS, Circuit Judge.
This appeal involves an asserted $21,897.64 deficiency in income taxes for 1966. The question is whether taxpayer's payments made to satisfy an apparent liability under Section 16(b) of the Securities Exchange Act of 1934 (15 U. S.C. § 78p(b)), which requires a corporate insider to surrender to his employer profit from short-swing trading in the corporation's stock, are to be treated as a long-term capital loss or as ordinary and necessary...
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