This proceeding involves deficiencies in income taxes for the calendar years 1939 and 1940 in the amounts of $73,142.85 and $147,547.25, respectively.
The respondent in determining these deficiencies increased the income reported by petitioner from the business operated as the Fischer Machine Co. from $69,825.62 to $188,676.86 for the year 1939, and from $111,587.72 to $326,697.32 for the year 1940. In a statement attached to the deficiency notice, he explained these...
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