The respondent determined deficiencies for petitioner's fiscal year ended October 31, 1944, as follows:
Income tax ---------------------------------------------- $1,883.37 Declared value excess-profits tax ----------------------- 843.51 Excess profits tax -------------------------------------- 18,093.87
The questions raised by the pleadings are as follows:
(1) Is the petitioner entitled to a deduction of $25,000 representing the...
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