Memorandum Findings of Fact and Opinion
The respondent determined a deficiency of $4,277.09 in the income tax of petitioner for the fiscal year ended September 30, 1948, which is the taxable year here in question. The fiscal year ended September 30, 1947, is involved only as regards a net operating loss carried over from that year. The sole question to be decided is whether respondent was correct in reducing the allowable depreciation on petitioner's fork-lift trucks...
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