The respondent has determined a deficiency in income tax for the year ended April 30, 1942, in the amount of $3,951.71; and deficiencies in excess profits tax for the years ended April 30, 1941, and April 30, 1942, in the respective amounts of $3,011.88 and $60,571.29.
Petitioner has abandoned several of its allegations of error. Only two questions remain for decision, and both issues relate to petitioner's liability for income and excess profits taxes for the fiscal...
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