Memorandum Findings of Fact and Opinion
The respondent has determined a deficiency of $3,522.83 in petitioner's income tax for its fiscal year ended June 30, 1941. Petitioner claims an overpayment of $471.38. The only question involved is whether petitioner is entitled to a deduction of $14,668.35, the unrecovered cost of a bulkhead on petitioner's water-front land, said by petitioner to have been abandoned. The facts are as follows:
Findings of Fact
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