The respondent, in respect of the fiscal year of the petitioner ended June 30, 1942, determined a deficiency in income tax in the amount of $9,730.18 and an overassessment in excess profits tax in the amount of $31,387.69. In making the determination respondent refused to allow an unused excess profits credit carry-over based on a constructive average base period net income from the fiscal year 1941 in the amount of $18,487.12. As a result of such disallowance, the overassessment...
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