LARAMORE, Judge.
This is a suit for the refund of income taxes. The claim is predicated on the disallowance by the Commissioner of Internal Revenue of a deduction in the amount of $413,463.19 for the year 1950.
Plaintiff is a domestic corporation with its principal offices in Houston, Texas. During the fiscal year ending July 31, 1950, and for many years prior thereto, plaintiff was engaged in the business of merchandising cotton in the United States and abroad...
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