Deficiencies in corporation income taxes, and penalties, for the taxable year August 1, 1947, to December 31, 1947, and for the calendar year 1948 are involved in this case. Deficiencies therein were asserted in the respective amounts of $12,622.92, with penalty of $3,155.73, and $27,112.77. After concession of the penalty issue by respondent, the question presented is whether the petitioner was entitled to exemption from taxation under section 101 (6) of the Internal Revenue...
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