OPINION.
OPPER, Judge:
The correctness of a deficiency in income and declared value excess profits taxes for the fiscal year ended July 31, 1940, in the amount of $11,321.76 is placed in issue by this proceeding. The sole question is whether an admitted deficiency determined by respondent may be offset by a credit for foreign taxes not claimed on petitioner's tax return.
The case is submitted on a stipulation of all the facts, which are hereby...
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