The Commissioner determined deficiencies in petitioner's income tax for the calendar year 1954 in the amount of $17,413.10 and for the taxable period January 1 to September 30, 1955, in the amount of $2,342.48.
After certain concessions by the parties, the only issue remaining is the deductibility of the $28,561.12 net operating loss deduction which petitioner claimed on its income tax return for 1954.
FINDINGS OF FACT.
Some of the facts were stipulated...
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