TURNER. Judge:
The respondent has determined deficiencies of $12,284.86 and $1,163.57, respectively, in the petitioner's income and excess profits taxes for the fiscal year ended September 30, 1938. The issues presented are the correctness of the respondent's action (1) in disallowing dividends paid credit of $67,550 taken by petitioner; (2) in increasing petitioner's taxable income by $8,382.08 as representing income realized by the petitioner on the cancellation...
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