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<h1>Treatment of Losses from Old Business in New Firm: Capital Losses vs. Trading Losses</h1> The losses claimed from the old business were deemed not allowable against the income of the new firm. Assets taken over from the old firm were treated as ... - The judgment states that losses claimed are from the old business and not properly allowable against the income of the new firm. Assets taken over from the old firm are considered debts and losses from smaller sums of debts are losses of capital, not trading losses. The rule is discharged with costs.
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