Respondent determined a deficiency of $7,953.10 in the income tax of petitioner for the fiscal year ended September 30, 1944. The petition herein alleges an overpayment for that year in the amount of $35,804.21.
The principal question for decision is whether and to what extent petitioner is entitled to a net operating loss deduction in the fiscal year ended September 30, 1944, based upon war losses sustained by the petitioner in the fiscal year ended September 30...
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