The respondent determined deficiencies in the petitioner's income tax, declared value excess-profits tax, and excess profits tax for the fiscal year ended May 31, 1944, in the respective amounts of $10,315.12, $3,958.96, and $4,777.91. The only issue is whether the respondent was correct in disallowing a net operating loss deduction claimed by the petitioner in the fiscal year ended May 31, 1944, in the amount of $29,992.14 on the ground that petitioner realized income in...
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