The Commissioner has determined a deficiency of $4,143.16 in petitioner's income tax for the fiscal year ended April 30, 1942, and a deficiency of $904.62 in declared value excess profits tax for the same taxable year. These deficiencies are due to four adjustments made by the Commissioner in the net income as reported by petitioner on its return. Only one of these adjustments is contested. It is adjustment (c), which is explained in the deficiency notice as follows:
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