This is a proceeding for the redetermination of deficiencies in income tax, declared value excess profits tax, and excess profits tax for the taxable year 1941 in the respective amounts of $1,578.38, $1,040.35, and $1,912.40.
The sole issue raised by petitioner is whether a so-called "bonus and profit sharing trust," created by petitioner in December 1941, is exempt from tax under section 165 (a) of the Internal Revenue Code, thereby entitling petitioner to a deduction...
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