Respondent determined a deficiency of $17,981.04 in income tax and $5,416.73 in excess profits tax for the year 1939. By this proceeding petitioner challenges respondent's action in disallowing a deduction of $195,141.36 claimed by it as a loss on the sale of stock to a wholly owned subsidiary in 1939. Other adjustments have been conceded.
FINDINGS OF FACT.
The facts have been embodied in a stipulation, of which the following is a summary. Petitioner is...
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