This proceeding involves a deficiency in income tax for the year 1950 in the amount of $27,319.40.
The sole issue is whether the petitioner is entitled to a deduction of $76,005.07 for a casualty loss which it allegedly sustained as a result of the flooding of its property during the year 1950.
Some of the facts were stipulated.
FINDINGS OF FACT.
The stipulated facts are so found and are incorporated herein by this reference.
Petitioner...
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