COXE, District Judge.
This is an action to recover an alleged overpayment of corporate income and excess profits taxes for the year 1935, amounting to $38,689.03, with interest from March 31, 1937. The case was tried by the court without a jury on stipulated facts.
The plaintiff, in its return for 1935, computed its taxable net income at $52.80, after deducting from its gross income the sum of $229,855.21 for losses claimed to have been realized in an exchange...
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