Memorandum Findings of Fact and Opinion
LEECH, Judge:
This proceeding involves deficiencies in income tax of $1,844.58 and excess-profits tax in the amount of $719.97 for the year 1940. The only issue submitted is whether the respondent, having adjusted petitioner's inventory of finshed goods at December 31, 1940, erred in not making a corresponding adjustment to the opening inventory of finished goods at January 1, 1940. Certain facts were stipulated and...
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