The respondent determined deficiencies in petitioner's income tax in the amounts of $178.94 and $180.22 for its fiscal years ended June 30, 1952, and June 30, 1953, respectively. Petitioner does not contest the adjustments resulting in the deficiencies, but claims that an amount reported as taxable income on its return for the fiscal year ended June 30, 1953, should not have been so reported; and that a refund is due it for that year and the preceding one because of a loss...
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