The respondent determined deficiencies of $21,235.83 and $25,159.13 in the petitioner's income and excess profits taxes, respectively, for the year 1941.
The basic issue is whether certain items expended by the petitioner and capitalized on its books as a part of the installation and foundation costs of machinery should be amortized over the term of the lease of the premises which the petitioner was then occupying, or should be depreciated over the useful life of...
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