In this case the respondent determined deficiencies in income, declared value excess profits, and excess profits taxes for the calendar year 1941 in the respective amounts of $14,642.13, $3,557.40, and $43,366.94. The deficiencies result principally from respondent's disallowance of most of a net operating loss carry-over from 1939 claimed by the petitioner. The question for decision is whether certain futures transactions in silk entered into by petitioner on the Commodity...
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