STERRETT, Judge:
By notice of deficiency dated October 4, 1974, respondent determined deficiencies in petitioner's Federal income taxes for its taxable years ended July 31, 1971 and 1972, in the respective amounts of $421.79 and $350,618.18. The major item involved in the deficiencies was the disallowance by respondent of a claimed deduction for prepaid cattlefeed expenses for petitioner's taxable year ended July 31, 1972. Petitioner's petition to this Court...
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