JONES, Chief Judge.
The issue here is whether, cancellations of indebtedness constituted gifts to the debtor, as plaintiff claims, or taxable income, as defendant contends.
Plaintiff, a calendar year and accrual basis corporation, operates a chain of retail drug stores in and around Cleveland. In 1940, although its assets exceeded its current liabilities, plaintiff was operating at a loss and had been for all but one of the five preceding years, the result...
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