Respondent determined a deficiency in petitioner's Federal income tax for its fiscal year ended July 31, 1953, in the amount of $15,503.61. This deficiency resulted from respondent's disallowance of a net operating loss deduction of $18,932.37 and his disallowance of a "loss from operation of retail liquor and grocery store" in the sum of $3,186.93. At the trial herein respondent conceded error in his disallowance of the second item. Thus the only issue remaining in the case...
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