This case involves a determination of deficiency in income tax and declared value excess profits tax for the fiscal year ending November 30, 1941, as follows: Income tax, $5,579.38, and declared value excess profits tax, $892.93.
The question involved is whether petitioner, the owner of more than 80 per cent of the shares of the capital stock of the Glanton Veneer Co., is entitled, because of the latter's liquidation, to a deduction of $24,140.35 claimed as a long...
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