The respondent determined deficiencies of $10,892.60 and $118,476.49 in the petitioner's excess profits tax liabilities for the taxable years ended June 30, 1942 and 1943, respectively. He also determined a deficiency of $1,944.39 in the petitioner's income tax liability for the fiscal year ended June 30, 1942.
The single issue is whether the equity invested capital of the petitioner is properly measured by the amount paid by its stockholders for certain shares of...
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