Respondent determined a deficiency in petitioner's income tax for the taxable year ended March 31, 1963, in the amount of $4,407.40.
The issue is: Did petitioner receive $8,475.75 income when it credited its earned surplus by that sum and debited its accounts payable by the same sum?
FINDINGS OF FACT
Some of the facts have been stipulated and they are found accordingly.
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