Petitioner seeks redetermination of deficiencies in income and declared value excess-profits tax for 1945 of $1,759.31 and $909, respectively, and in income tax for 1946 of $629.61. Certain adjustments are not contested. The primary issue is the deductibility of depreciation on a vessel owned by petitioner.
FINDINGS OF FACT.
Petitioner, a Delaware corporation with principal place of business in Washington, D. C., filed its returns with the collector of internal...
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