The respondent determined the following deficiencies for petitioner's fiscal year ended May 31, 1943: income tax, $23,720.39, and declared value excess profits tax, $12,440.33.
The principal issue raised in the petition and answer is whether the insurance proceeds received in payment for petitioner's property destroyed by fire were expended in acquiring control of another corporation owning similar property, within the meaning of section 112 (f) of the Internal Revenue...
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