This proceeding involves deficiencies in petitioner's income tax for the fiscal year ended July 31, 1941, in the amount of $57,318.19 and in excess profits tax for the fiscal year ended July 31, 1942, in the amount of $71,242.18.
The deficiency in income tax for the fiscal year 1941 results from respondent's disallowance as a deduction from petitioner's gross income for the taxable year 1941 of the amount of $240,888.31, the amount that petitioner decided to reimburse...
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