The respondent determined deficiencies in the income tax of petitioner in the amount of $7,885.91 for the fiscal year ended July 31, 1940, and $7,600.61 for the fiscal year ended July 31, 1941. He also determined deficiencies in declared value excess profits tax in the amount of $477.30 and in excess profits tax in the amount of $80,437.25 for the fiscal year ended July 31, 1942.
The questions presented are:
(1) Did certain transactions set forth herein between...
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