OPINION
HALL, Judge:
Respondent determined a deficiency in petitioner's 1973 Federal income tax of $30,720. The sole issue for decision is whether petitioner is entitled to an $80,003 intangible drilling expense deduction in 1973.
This case was submitted fully stipulated.
Petitioner is a corporation organized under the laws of the State of Arizona, with its principal place of business in Mesa, Ariz. Petitioner is engaged primarily...
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