The respondent determined a deficiency in petitioner's income tax for the year 1943 in the amount of $26,827.98 and in declared value excess profits tax in the amount of $418.53. These deficiencies are due to several adjustments made by the Commissioner in the net income reported by petitioner on its return. In a statement attached to the deficiency notice the respondent, among other things, advised the petitioner as follows:
It is held that you have permitted earnings...
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