PER CURIAM.
The sole question in this appeal is whether an electric cooperative subject to local license taxes based on gross receipts was entitled to deduct the wholesale cost of the power it purchased.
Central Virginia Electric Cooperative (CVEC) is a distributor of electric power doing business in some 17 counties, including the County of Amherst. During the times pertinent to this case, CVEC purchased substantially all its electric power at wholesale rates...
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