OPINION.
KERN, Judge:
The Commissioner determined a deficiency in the amount of $4,355.25 in petitioner's excess profits tax for the taxable year ended December 31, 1942. All of the facts were stipulated and we find them to be as stipulated.
The single question presented is whether respondent erred in computing petitioner's excess profits credit under the invested capital method by excluding from petitioner's borrowed invested capital the...
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