This proceeding involves deficiencies in declared value excess profits tax of $1,440.49 and excess profits tax of $23,518.13 for the calendar year 1941. The issues submitted were:
1. Whether respondent erred in determining that petitioner was not entitled under section 711 (b) (1) (J) to an adjustment in computing its excess profits net income for the base period year 1938 by reason of a loss sustained in that year on the sale of meat in the Philippine Islands.
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