In this proceeding respondent has determined a deficiency in excess profits tax for the calendar year 1942 in the amount of $27,436.69. Petitioner claims that it has overpaid its excess profits tax for 1942 by $563.31.
The question which we have here to decide may be stated thus: Can respondent properly determine a deficiency by a computation method in which he excludes from petitioner's excess profits net income the amount of excessive profits determined in renegotiation...
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