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OLD TOWN CORPORATION v. COMMISSIONER

Docket No. 81740.

37 T.C. 845 (1962)

OLD TOWN CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 1, 1962.

Attorney(s) appearing for the Case

Karl W. Windhorst, Esq., Paul Farber, Esq., Carl J. Rubino, Esq., and Paul L. Franken, Esq., for the petitioner.

Robert S. Bevan, Esq., and Clarence Dunnaville, Jr., Esq., for the respondent.

FISHER, Judge:

Respondent determined a deficiency in petitioner's income tax for the year 1953 in the amount of $52,000. The greater portion of the deficiency, and the only part here in issue, results from respondent's disallowance of $100,000 of a $117,128.78 business expense deduction in 1955, thereby decreasing the net operating loss for 1955 which could be carried back to 1953. The sole issue for our determination

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