Memorandum Findings of Fact and Opinion
OPPER, Judge:
Petitioner challenges the respondent's determination of a deficiency in income tax for its fiscal year April 1, 1939, to March 31, 1940, in the amount of $1,854.87. Two questions are in issue: First, whether petitioner may compute depletion on a cost basis or is limited to the percentage basis, as respondent contends, and secondly, whether petitioner is entitled to deduct as a loss expenses incurred in...
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