ROBINSON, Justice.
The appellee, F. S. Neely Company, is engaged in the mining business in western Arkansas. Arko Briquettes, Inc. is a wholly owned subsidiary. In the state income tax returns filed by the Neely Company for the years 1957, 1958, and 1959, it deducted losses alleged to have been sustained by Arko Briquettes, Inc., for each of those years, and also deducted a sum each year because of depletion of gypsum deposits which the Neely Company was mining.<...
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