Memorandum Opinion
HARLAN, Judge:
The respondent determined a deficiency of $1,143.32 in Federal excess profits tax due from this petitioner for the taxable year 1943.
The sole question presented is whether petitioner, on the accrual basis, may, in computing equity invested capital, include in accumulated earnings and profits as of the beginning of the calendar year 1943, the post-war refund credit provided by section 780, I. R. C.
We adopt...
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