McCORD, Circuit Judge.
The United States Board of Tax Appeals determined the petitioner's income tax deficiency liability to be $16,856.10 for the year 1932. The appeal from the decision of the Board is brought to this court by petition for review.
The record discloses and the Board found these pertinent facts: In the year 1932 the petitioner, Ortiz Oil Company, was engaged in the business of producing oil and drilling oil wells. It owned a half interest in...
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