Memorandum Opinion
SMITH, Judge:
This is a proceeding for the redetermination of deficiencies in income tax and in declared value excess profits tax for the fiscal year ended May 31, 1940, in the amounts of $732.99 and $780, respectively. The petition alleges that the respondent erred in the determination of the deficiencies by the disallowance of the deduction from gross income of $6,500 "Pool Adjustment Expense."
[The Facts]
The...
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