The respondent determined a deficiency in the amount of $31,710.06 in the income tax of petitioner for its fiscal year ended July 31, 1948. However, the sole question for decision relates to a deduction for an alleged loss sustained during the fiscal year ended July 31, 1950, which is pertinent here only as a result of the carry-back provisions of the law. The deduction is sought by reason of the demolition of a building by petitioner's lessee pursuant to an agreement between...
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