MULRONEY, Judge:
The respondent determined deficiencies in petitioner's income tax for the years 1956 and 1957 in the respective amounts of $7,417.59 and $14,935.40. The sole issue is whether petitioner, in its consolidated income tax returns for 1956 and 1957, may deduct losses incurred by a subsidiary corporation which petitioner acquired on January 1, 1955.
FINDINGS OF FACT
Some of the facts were stipulated and they are so found.
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