The respondent determined a deficiency in income tax against the petitioner for the year 1950 in the amount of $1,159.26. Petitioner has conceded that the respondent correctly determined a deficiency of $415.97.
The respondent disallowed a deduction of $5,173.36 as a net operating loss carry-over from 1949, claimed by petitioner in 1950. Only the amount of $2,956.37 is in controversy. The question presented is whether a loss sustained by petitioner on the sale of...
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