These proceedings have been consolidated. In Docket No. 7807 the deficiency involved is $10,533.52 for the year 1941, and in Docket No. 7808 the deficiency involved is $10,651.42 and is likewise for the year 1941. The issue, which is common to both proceedings, is whether the petitioners incurred a capital loss when they sold certain stock warrants in the taxable year and are entitled to deduct same in the computation of their net income, as petitioners contend, or whether...
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