Respondent determined a deficiency in petitioner's personal holding company surtax in the amount of $30,753.69 and an overassessment in petitioner's income tax in the amount of $732.69 for the calendar year 1942. Respondent determined that petitioner reported its income on a cash receipts and disbursements basis and accordingly eliminated $2,355.41 from the dividend income erroneously reported by petitioner. This adjustment to petitioner's net income is not contested. Respondent...
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