WILBUR, Circuit Judge.
Petitioner is a member of the copartnership of Bent Bros., engaged in the general contracting business, constructing reservoirs, dams, and other similar work. The partnership made its returns to the Commissioner of Internal Revenue upon what is called the "long term completed contract" basis, by which the profit or loss incurred upon a contracting job covering more than one year was included in the return of income for the taxable year in which...
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