Respondent has determined a deficiency in income tax of the petitioner in the amount of $13,497.90 for the taxable year ended June 30, 1950.
The issue is whether, in computing its income tax liability for the fiscal year ended June 30, 1950, petitioner is entitled to carry over the net operating losses of Gramm-Curell Equipment Company for the fiscal year ended March 31, 1949, and for the 3-month period ended June 30, 1949, under sections 23 (s) and 122 (b) (2) (C...
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