MUKASEY, District Judge:
ITT Corporation appeals from the order of the United States District Court for the Southern District of New York, Peter K. Leisure, Judge, disallowing claimed losses, arising from ITT's conversion and surrender of debentures issued by ITT's subsidiaries, for the tax years 1966 through 1969. Because we find that collateral estoppel bars the government from relitigating the deductibility of those losses, we reverse and remand.
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