Respondent has determined deficiencies in income taxes of $21,946.29 for the fiscal year ended June 30, 1939, and $15,625.40 for the period July 1 to December 31, 1939. The issue presented is whether petitioner in the two taxable periods involved was a mutual investment company within the defining provision of section 361 (a) (1) and the limiting provision of section 361 (b) (2) and entitled to have its taxes computed under section 362 (a) and (b) of the Revenue Act of 1938...
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