By this proceeding petitioner contests a portion of deficiencies in income tax for fiscal years ended April 30, 1939, and April 30, 1940, in the amounts of $2,885.18 and $3,340.41, respectively.
The question presented is whether petitioner realized taxable income as a result of purchases of its own bonds for amounts less than their face values. Disallowance of a deduction for depreciation is not challenged by the petitioner.
FINDINGS OF FACT.
In...
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