The Commissioner determined a deficiency of $7,704.73 in income tax and $50.03 in excess profits tax for 1936 and a deficiency of $6,427.14 in income tax for 1937. Petitioner assails the inclusion in income of the forgiven interest on its debenture bonds held by a shareholder.
FINDINGS OF FACT.
Petitioner is a corporation, with principal office at Ogdensburg, New York. Its books and income tax returns are on an accrual basis; its returns for 1936 and 1937...
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