The Commissioner determined deficiencies of $10,740.53 and $114,190.49 in petitioner's declared value excess profits tax and excess profits tax, respectively, for 1943, in part by treating as ordinary income a profit from the sale of its entire stock of wine, and by adding to income reported a capital gain of $99,002.64 from the sale of its winery. No deduction was claimed or allowed for an amount paid in 1944 to California as a franchise tax. Petitioner contends that, since...
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