This proceeding involves deficiencies in income tax of $38,359.11, declared value excess profits tax of $22,404.96, and excess profits tax of $34,270.24, and penalty for failure to file an excess profits tax return for the year 1940 of $8,567.56. The issues are: (1) Whether the respondent properly added to petitioner's gross income the amount of $182,249.58, and (2) whether petitioner is subject to the 25 per cent penalty for failure to file an excess profits tax return....
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