ATKINS, Judge:
The respondent determined a deficiency in income tax for the calendar year 1952 in the amount of $928,399.50. Certain issues have been disposed of by agreement of the parties. The principal issues remaining for decision are (1) whether the petitioner could effectively revoke or withdraw an election previously made by it under section 22(d) (6) of the Internal Revenue Code of 1939 to replace a Lifo zinc inventory involuntarily liquidated in 1950...
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