VAN OOSTERHOUT, Circuit Judge.
This is a timely appeal by the United States from final judgment awarding Exel Corporation $13,302.69 for refund of income tax erroneously assessed and paid for the fiscal years ending July 31, 1961, 1962, 1963 and 1964. The proper foundation for the suit was laid; jurisdiction is established.
The critical issue presented by the appeal is whether a loss carryover claimed by the taxpayer Exel Corporation for the years 1961 through...
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