Respondent determined a deficiency in excess profits tax for the calendar year 1940 in the amount of $14,903.97. The only question is whether the sum of $48,415.23 should be excluded from excess profits net income as gain from the sale of property held more than 18 months of a character which is subject to depreciation under section 711 (a) (1) (B) of the Internal Revenue Code, as it applies to the year 1940. The question grows out of contracts made in 1940 with British companies...
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