This is a proceeding in which the respondent has determined deficiencies in income tax and excess profits tax for the period from February 1, 1951, to June 30, 1951, in the aggregate amount of $3,588.31. The issue is whether, under the provisions of sections 15 (c) and 129 of the Internal Revenue Code of 1939, the respondent properly denied to the petitioner a claimed surtax exemption and an excess profits credit by reason of the petitioner's acquisition of assets from another...
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