Memorandum Findings of Fact and Opinion
TIETJENS, Judge:
The Commissioner determined a deficiency in income tax for the year 1953 in the amount of $65,209.41. The first question presented is whether petitioner reported its gross income from a long-term contract so as to reflect clearly its net income from such contract for 1953. The second question to be decided is what is the amount of the net operating loss deduction, if any, to which petitioner is entitled...
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