This proceeding is to test the correctness of respondent's determination of a deficiency in income tax for the year 1939 in the amount of $17,611.81. The sole issue is whether the petitioner was availed of during the year 1939 for the purpose of preventing the imposition of surtax upon its shareholders through the medium of permitting earnings or profits to accumulate instead of being divided or distributed. Some of the facts have been stipulated by the parties and others...
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