Deficiencies were determined in petitioner's excess profits tax returns for the taxable years ended July 31, 1943 and 1944, in the respective amounts of $30,988.16 and $122,392.79. The questions presented are as follows:
I.—(a) In computing petitioner's excess profits tax credit under the income method, should $65,000 deducted on petitioner's return for the base period year ended July 31, 1940, as a bad debt for indebtedness due from Poth Brewing Co., be disallowed...
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