The respondent has determined a deficiency against the petitioner in excess profits tax for the taxable year ended December 31, 1940, in the amount of $41,562.25. The question at issue is whether, in computing the petitioner's excess profits credit by the invested capital method, the amount to be included in equity invested capital for "property paid in for stock" is (a) the cost of said property, or (b) the basis of that property in the hands of the petitioner's transferor...
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