Memorandum Findings of Fact and Opinion
TURNER, Judge:
The respondent determined deficiencies of $11,792.84 and $7,938.54 in the petitioner's income tax and excess-profits tax, respectively, for 1938.
The issues presented are whether the respondent erred: (1) In determining that the petitioner realized a taxable gain in connection with the receipt and cancellation of certain shares of its capital stock, and (2) in determining the useful life for...
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