MADDEN, Judge.
The plaintiff, The Montana Power Company sues for a refund of taxes. It says that when it paid off, in 1945, debentures which it had issued in 1936, it suffered a loss which it should have been, but was not, allowed to deduct from its taxable income in 1945.
In 1936, practically all of the plaintiff's stock was owned by American Power and Light Company, a public utility holding company, hereinafter called "American." At that time American also...
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