The respondent determined a deficiency of $638 in the petitioner's income tax liability for the year 1940 and deficiencies of $14,355.48 and $30,910.23 in its excess profits tax liability for the year 1940 and 1941, respectively. It is stipulated that the petitioner is entitled to an excess profits credit carry-back of $75,650.54 from the year 1942 to the year 1941, subject to any adjustments which result from the determination of the effect of section 711 (b) (1) (E) of...
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