The respondent has determined deficiencies in income and excess profits taxes for the year 1937 against the petitioner in the amounts of $48,379.45 and $4,497.20, respectively. The issue presented by the pleadings is whether in respect of certain contracts for the future delivery of hides previously sold by petitioner, which contracts were still open at December 31, 1937, there should be included in petitioner's income for 1937 an amount equal to the margin of the profit...
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