ORDER.
Petitioners claimed as deductions in their 1960 income tax returns their pro rata shares of losses sustained by Kentuckiana Broadcasting, Inc., an electing small business corporation under Subchapter S of the Internal Revenue Code of 1954, during the fiscal year ending October 31, 1960. The required election in the name of Kentuckiana was filed by petitioners, along with their consent as shareholders, on November 30, 1959. Kentuckiana's charter was issued by...
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