Memorandum Findings of Fact and Opinion
TIETJENS, Judge:
The Commissioner determined a deficiency of $266,651.95 in the income tax of petitioner for the fiscal year ending July 31, 1962. Due to concessions by both parties, the only issue that remains is whether petitioner is entitled to a net operating loss carryforward deduction in 1962.
Findings of Fact
Some of the facts have been stipulated and are so found. The stipulation and the exhibits...
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