The respondent determined a deficiency of $2,599.79 in the petitioner's income tax for the year 1941 and deficiencies of $290.25 and $6,816.73 in its excess profits tax for the years 1941 and 1942, respectively.
The single issue is whether or not the petitioner is entitled to relief from excess profits tax for the taxable years, under the provisions of section 722 of the Internal Revenue Code.
FINDINGS OF FACT.
The petitioner is a corporation, organized...
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