This is a proceeding for the redetermination of deficiencies in income tax and excess profits tax for 1939 in the respective amounts of $35,500.58 and $71.01. The question in issue is whether the petitioner is entitled to deduct from gross income $200,001 charged off as a bad debt and claimed by the petitioner as a deduction from gross income in its tax return.
FINDINGS OF FACT.
1. The petitioner is a national bank, organized under the laws of the United...
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