Respondent has determined a deficiency of $43,097.44 in petitioner's income tax liability for the calendar year 1941. In that year petitioner was engaged in developing and operating oil and gas leases known as the Old Ocean Field Prospect, and the only question for decision is whether it is entitled to eliminate, in computing its tax liability, a share of income and corresponding deductions attributable to a "carried working interest" of two other oil companies. If it is...
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