Respondent determined deficiencies in petitioner's excess profits and declared value excess profits tax liabilities for the fiscal year ended May 31, 1942, in the respective amounts of $8,098.24 and $398.72. The claim relating to the declared value excess profits tax liability was abandoned by petitioner at the trial. Two questions, however, remain with regard to petitioner's excess profits tax liability. One is whether a bad debt recovered by petitioner during the taxable...
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