The respondent has determined deficiencies in petitioner's excess profits tax for 1943 and 1944 in the respective amounts of $4,931.68 and $5,045.35. The sole question for our determination is whether in computing the petitioner's excess profits credit, under section 713, the respondent erred in excluding, under section 711 (b) (1) (E), a deduction of $14,740.28 claimed and allowed in petitioner's 1937 return as a flood loss.
A further issue relating to the computation...
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