Memorandum Findings of Fact and Opinion
JOHNSON, Judge:
The Commissioner determined a deficiency for the calendar year 1945 in petitioner's income tax in the amount of $3,492.60 and in excess profits tax of $26,242.36.
The sole issue is whether petitioner sustained a deductible loss of $41,000 in 1945 by reason of a change in the by-laws of the Associated Press whereby petitioner no longer had exclusive right to the Associated Press news service...
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