The respondent has determined a deficiency in the petitioner's income tax for 1945 in the amount of $25,376.20.
The petitioner sustained a net operating loss for the year 1946 and is entitled to a loss carry-back to the year 1945 under section 122. The respondent has reduced the amount of the net operating loss for 1946, which results in a corresponding reduction of the amount of the loss carry-back deduction in 1945. The petitioner concedes that some of the adjustments...
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