The Commissioner determined a deficiency of $20,488.35 in the income tax of the petitioner for 1952. The only issue for decision is whether the petitioner sustained a deductible loss of $466,000 in 1952 as a result of the termination of its right to act as manager and attorney in fact for two insurance exchanges.
FINDINGS OF FACT.
The petitioner was incorporated under the laws of New York on August 22, 1922. Its return for the taxable year was filed with...
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