This case involves deficiencies in income tax for the taxable year ended December 31, 1940, in the amount of $34,818.34, and in excess profits tax for the same period in the amount of $21,923.20.
The first issue presented is whether petitioner's taxable year, within the language of section 203 (a) (2) of the Internal Revenue Code, began on March 23, 1940, or, on the other hand, on January 1, 1940. The date affects the amount of petitioner's deduction based upon its...
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