BRATTON, Circuit Judge.
This proceeding is here on petition to review an order of the Board of Tax Appeals. Titus Oil & Investment Company, herein called the taxpayer, was organized in 1933, and was engaged in the oil business. Its books were kept and its income tax returns made on an accrual basis. Its return for 1933 was filed on April 13, 1934, and disclosed no tax liability. Schedule K attached to such return was a balance sheet at December 31, 1933. In the...
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