A procedure is outlined for obtaining the stresses and strains in a circular slab with a cutout, subject to uniform biaxial tension. An arbitrary stress-strain curve in tension is approximated by any number of straight-line segments. For biaxial states of stress the material is assumed to satisfy a flow law based on the maximum shear stress, and to be incompressible throughout. The general equations are given and then simplified by assuming that boundary motions may be neglected if the strains are small, and that elastic strain components may be neglected if the strains are large. For the case of linear strain hardening a complete solution is given in closed form. If the rate of strain hardening is small, these results may be simplified further.