The respondent determined deficiencies against the petitioner for the year 1944 as follows:
Income tax -------------------------------- $1,770.90 Declared value excess profits tax --------- 887.90 Excess profits tax ------------------------ 3,666.49
One of the three adjustments made by respondent in petitioner's net income for 1944 is not contested. Only two issues, therefore, are raised by the pleadings: (1) Did petitioner sustain a deductible...
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