Memorandum Findings of Fact and Opinion
SCOTT, Judge:
Respondent determined deficiencies in the Federal income tax of GCO, Inc. (formerly Media Graphics, Inc.) for the taxable years ending August 31, 1968, and August 30, 1969, of $23,937.69 and $43,211.89, respectively.
Certain concessions have been made by petitioner, and as a result the only issue remaining for our consideration is whether petitioner was entitled to deduct certain net operating...
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