This case involves deficiencies in excess profits taxes for the calendar years 1942 and 1943 in the respective amounts of $22,611.38 and $92,623.04.
Two questions are presented:
1. Was petitioner an "acquiring corporation" and were the seven partnerships acquired by petitioner "component corporations" within the meaning of section 740 of the Internal Revenue Code so that petitioner may include the average base period net income of the partnerships in computing...
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