The respondent determined deficiencies in petitioner's income and declared value excess-profits taxes for the calendar year 1944 in the following amounts:
Income tax ---------------------------------------------------- $32,949.39 Declared value excess-profits tax ----------------------------- 12,169.44
The only issue for our determination is whether the respondent erred in disallowing a deduction of $96,400 taken by the petitioner on its tax...
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