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 Section 24(b) is now Section 267 of the Tax Code. The material parts of § 24(b) were as follows: '(b) LOSSES FROM SALES OR EXCHANGES OF PROPERTY. --' '(1) LOSSES DISALLOWED. In computing net income, no deduction shall in any case be allowed in respect of losses from sales or exchanges of property, directly or indirectly --' '(A) Between members of a family, as defined in paragraph (2)(D);' '(B) Except in the case of distributions in liquidation, between an individual and a corporation more than 50 percentum in value of the outstanding stock of which is owned, directly or indirectly, by or for such individual;' '(C) Except in the case of distributions in liquidation, between two corporations more than 50 percentum in value of the outstanding stock of each of which is owned, directly or indirectly, by or for the same individual, if either one of such corporations, with respect to the taxable year of the corporation preceding the date of the sale or exchange was, under the law applicable to such taxable year, a personal holding company or a foreign personal holding company;' '(D) Between a grantor and a fiduciary of any trust;' '(E) Between the fiduciary ...

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