MULRONEY, Judge:
The respondent determined deficiencies in the income tax of petitioner for the fiscal years ended June 30, 1953, and June 30, 1954, in the respective amounts of $4,464.99 and $21,445.17.
Petitioner was engaged in the oil well drilling business. The question in the case involves its right to deduct drilling expenses paid or incurred upon incompleted wells at the time the taxable periods ended.
FINDINGS OF FACT.
Some...
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