In this case the petitioner seeks redetermination of deficiencies of $320.94 in income tax and $170.97 in excess profits tax for the calendar year ended December 31, 1939, and alleges overpayment for the same year.
Two questions are presented: First, whether gain in the amount of $2,700 realized by petitioner by satisfying part of the bonded indebtedness constituting a lien upon property owned by it should be excluded from gross income under the provisions of section...
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