Respondent determined a deficiency of $102,343.94 in income and excess profits tax for the calendar year 1950, of which $92,108.20 is in dispute. The single general issue involved is whether petitioner was entitled to compute its excess profits tax credit using average base period income under the alternative method based on growth, reflected by an increase in gross receipts. Resolution of that issue depends on whether the term "gross receipts" includes Federal and State...
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