Memorandum Findings of Fact and Opinion
DRENNAN, Judge:
Respondent has determined a deficiency in income tax due from petitioner for the taxable year 1954 in the amount of $47,453.08.
The only issue for decision is whether petitioner is entitled to a deduction in 1954 in the amount of $94,892.73 representing a loss sustained on the abandonment of "royalty-yielding mineral rights."
Findings of Fact
Some of the facts have been stipulated...
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