This proceeding involves a deficiency in excess profits tax liability for the taxable year ended November 30, 1942, in the amount of $9,038.13.
The issue presented is, whether an agreement between petitioner and Western-Knapp Engineering Co. of July 26, 1941, constitutes an outstanding indebtedness as is intended by section 719 (a) (1) of the Internal Revenue Code.
Respondent concedes that if the agreement does come within the ambit of section 719 (a) (1)...
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