Memorandum Opinion
HILL, Judge:
Respondent determined a deficiency in petitioner's income tax liability of $5,509.38 for the calendar year 1940, and a deficiency in excess-profits tax liability for the same year of $4,508.35. Respondent also determined a 25 percent penalty in the amount of $1,127.09 for failure of petitioner to file an excess-profits tax return within the time prescribed by law. On brief respondent admits that petitioner is entitled to an...
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