The Commissioner determined a deficiency of $4,750.85 in 1940 excess profits tax. The petitioner claims (1) exemption from taxation, or, (2) in the alternative, the inclusion of $250,000 in invested capital.
FINDINGS OF FACT.
The petitioner was organized on March 15, 1928, under article 2 of the Stock Corporation Law of the State of New York, for the following stated purposes:
(a) To engage in the business of broadcasting and/or radio-casting by...
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