RANDALL, Circuit Judge:
This case presents four issues for review. The first deals with the deductibility to each taxpayer under I.R.C. § 267 of losses on securities sold by the taxpayer to a trust established by the taxpayer's parents for the benefit of the taxpayer's children under the circumstance in which the trust instrument, taken in conjunction with the Texas Probate Code, provides that if all the primary beneficiaries die without issue prior to the termination...
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