The respondent determined deficiencies of $8,178.57 and $4,498.95 in income tax against the petitioner for the years 1940 and 1941, respectively, resulting, in part, from disallowing each year a deduction of $14,996.50 claimed as a loss sustained on sales of stock of the Bank of Waterford. The disallowance of the losses is the question at issue. Questions relating to credits for Canadian taxes and an overstatement of income in 1940 were settled by concessions of the respondent...
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