Respondent determined deficiencies in petitioner's income tax for the calendar years 1944 and 1945 in the amounts of $46,358.28 and $28,986.58, respectively, and in declared value excess profits tax for the year 1945 in the amount of $2,726.84.
The deficiencies arose from respondent's disallowance of part of petitioner's claim for depletion in the mining of the nonmetallic mineral known as talc. Part of the following facts were stipulated, the remainder being developed...
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