LITTLETON, Judge.
Plaintiff overpaid its income tax for the calendar years 1933 and 1934; for the fiscal period ending June 30, 1935, and for the fiscal years ending June 30, 1936 to 1938, inclusive. These overpayments resulted from the computation of excessive operating profit for each year by reason of overvaluation on plaintiff's books and in its returns of the closing merchandise inventory for 1933, and the opening and closing inventories for each year thereafter...
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