OPINION.
MURDOCK, Judge:
The Commissioner determined deficiencies of $163,162.08 and $7,074.71 in income tax for 1939 and 1940. The only issue for decision is whether the petitioner's adjusted basis for loss on the Pettit lease, terminated in 1939, included $1,675,050.03 representing unrecovered cost paid under the Chemung contract of 1914. The facts have been stipulated.
The petitioner filed its returns for the taxable years with the collector...
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