SWAN, Circuit Judge.
The taxpayer was engaged in the manufacture of various kinds of cotton garments, such as overalls, khaki pants, duck suits and children's sailor suits and uniforms. Its books were kept on the basis of a fiscal year ending August 31st. In making its federal income and profits tax return for the taxable year ending August 31, 1920, the taxpayer valued its inventory of cotton goods on hand at $167,609.69. On the basis of the return there was a tax...
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