The respondent determined a deficiency in petitioner's income tax for the year ended December 31, 1940, in the amount of $699.85. The deficiency resulted from the respondent's disallowance in part of a deduction taken by petitioner in that year for accrued real estate taxes. That adjustment is not contested by petitioner in this proceeding. Petitioner contends, however, that respondent erred by failing to exclude from its gross income an amount which it claims was erroneously...
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