FAY, Judge:
Respondent has determined a deficiency of $60,564.11 in petitioner's Federal income tax for the fiscal year ended July 31, 1964.
The sole issue concerns the proper basis of assets which petitioner acquired in June 1964.
FINDINGS OF FACT
Some of the facts were stipulated, and the stipulation of facts and exhibits attached thereto are found accordingly.
Petitioner is a fiscal year taxpayer. It filed its Federal corporate...
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