Memorandum Findings of Fact and Opinion
LEECH, Judge:
Respondent determined a deficiency in income tax of petitioner of $11,111.30 for the fiscal year ending March 31, 1939. In doing so he made a number of adjustments in petitioner's reported income but the correctness of only one of these is in dispute. Petitioner here contends that in determining its base for depreciation of assets, excessive depreciation, taken thereon in prior years in which net losses...
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