Memorandum Findings of Fact and Opinion
HARRON, Judge:
Respondent determined deficiencies in income tax, declared value excess profits tax, and excess profits tax for 1941 in the respective amounts of $9,060.88, $1,197.89 and $5,862.69. The petition raises only one issue. It is whether petitioner is taxable in 1941 upon gain realized from the involuntary conversion of property into money. Petitioner's mill and inventory were destroyed by fire. It received...
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