The respondent determined deficiencies in petitioner's income tax liability for 1941 and 1942 in the respective amounts of $12,266.27 and $15,577.67. Certain adjustments made by the respondent are not contested. The questions for decision are, first, the basis to petitioner of certain securities acquired by it in 1937 and sold in 1941 and, second, whether the net operating expenses of an Arizona ranch property for 1941 and 1942 are deductible by petitioner either as ordinary...
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