STERRETT, Judge:
With respect to his audit of petitioner's Federal income tax return for the fiscal year ended May 31, 1968, respondent made the following adjustments: (1) Petitioner's depletion deduction for that year should be reduced by $40,729.39, thereby increasing the stated tax liability by $20,362.01, and (2) a prior refund of the 1968 tax paid in the amount of $32,310.11 by reason of the application of a net operating loss carryback from the fiscal...
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