OPINION.
ARNOLD, Judge:
For the taxable year 1940 respondent determined an income tax deficiency of $3,144, a personal holding company surtax deficiency of $10,997.67, and a 25 percent penalty of $2,749.42 for failure to make and file a timely personal holding company surtax return. The issues are (1) whether petitioner is a personal holding company; (2) whether petitioner is subject to the 25 percent penalty provided by section 291 of the Internal...
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