The respondent determined a deficiency in the income tax of petitioner for the calendar year 1948 in the amount of $12,387.95.
The sole issue is whether petitioner's taxable income for 1948 must be reduced by certain so called patronage dividends distributed by it to its stockholder-members with respect to its 1948 earnings.
FINDINGS OF FACT.
Some of the facts have been stipulated, and the stipulation, together with accompanying exhibits, is incorporated...
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