The respondent determined deficiencies of $88,295.51 in income tax and $30,735.24 in excess profits tax for the fiscal year ended January 31, 1936, and deficiencies of $3,775.36 and $2,255.31 in income tax for the fiscal years ended January 31, 1938, and January 31, 1939, respectively.
The issues presented, except the sixth mentioned below, arise from the consummation, in the fiscal year ended January 31, 1936, of a plan for the readjustment of obligations of the...
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