MULRONEY, Judge:
The respondent determined a deficiency in petitioner's income tax for the taxable year ended July 31, 1953, in the amount of $307,308.13. The issue is whether certain premerger losses can be carried over and offset against certain postmerger income.
FINDINGS OF FACT
Some of the facts are stipulated and they are found accordingly.
Petitioner is a Virginia corporation with its principal place of business in Washington...
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