EASTERBROOK, Circuit Judge.
On its tax return for 1992 J & W Fence Supply Company took a deduction of almost $1 million for a bad debt: a loan to Cherry Point Forest Products, one of J & W's principal suppliers of raw materials (and 49% of whose stock was owned by John Vidrine, who also owns 100% of J & W's stock). During 1992 Cherry Point entered receivership in Washington, and J & W contended that it was unlikely to see much if any of the money it...
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