Court of Appeals for the Seventh Circuit February 24, 1940, No. 7028 (Marsch v. Commissioner)

KERNER, Circuit Judge.

This appeal is from a decision of the Board of Tax Appeals approving the action of the respondent, who found that petitioner was liable for a deficiency income tax for the year 1932. The deficiency resulted from the disallowance by the respondent of a deduction for losses sustained in 1931. There is no dispute as to the amount or as to the sustaining of the losses.