RONEY, Senior Circuit Judge:
We affirm judgment for taxpayer G.I.C. Corporation, Inc. on its refund claim for a loss due to a sale of assets in 1984 and against the Commissioner on its tax deficiency counterclaim. The district court correctly decided the issues before it, and the Commissioner has waived consideration of the separate issue of the validity of the sale under Florida law by failing to properly present that issue to the district court.
In its 1984...
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