Respondent determined a deficiency in petitioner's income tax liability for the taxable year ended December 31, 1941, in the amount of $11,788.69. An issue involving depreciation has been settled by stipulation which will require a recomputation under Rule 50. The remaining questions are (1) whether respondent properly reduced the amount of petitioner's claimed net operating loss deduction and (2) whether respondent properly reduced the amount claimed by petitioner as a deduction...
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