Per Curiam.
The sole issue presented by this case is whether or not appellant can deduct as appreciation the $3,711,010 in retained earnings that the equity method of accounting permitted it to include on its balance sheet as of the date of the transfer of the JTE stock.
Accounting Principles Board Opinion No. 18, entitled "The Equity Method of Accounting for Investments in Common Stocks," summarizes the equity method of accounting in part as follows...
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