The Commissioner determined a deficiency of $50,385.15 in excess profits tax for 1941. The only issue for decision is whether $375,000 paid by the petitioner in 1941 to the stockholders of Illinois Armored Tank Corporation for all of the stock of that corporation was paid to settle a claim of that corporation against the petitioner and, therefore, was deductible in computing the excess profits net income of the petitioner for 1941.
FINDINGS OF FACT.
The...
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