Petitioner contests respondent's determination of a deficiency in excess profits tax in the amount of $124,783.69 for the fiscal year ended October 31, 1941.
Petitioner having abandoned an issue raised in its pleading, one issue remains: Whether petitioner is entitled to relief from excess profits tax under section 721 (a) (2) (C) of the Internal Revenue Code for the year involved, and, if so, the amount.
Petitioner resists respondent's disallowance of a deduction...
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