Memorandum Findings of Fact and Opinion
The Commissioner determined deficiencies in income tax for the fiscal years ending August 31, 1947, 1948, and 1949 in the aggregate amount of $5,135.68. Petitioner no longer contests any of the adjustments that resulted in the deficiencies. However, it contends that it should have been allowed deductions for depletion in each of the years involved. If such claimed deductions are allowable, they will not only eliminate the...
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