DOBIE, Circuit Judge.
This is an appeal by the Home Furniture Company (hereinafter called petitioner) from a decision of the Tax Court of the United States determining petitioner's income tax liability for the year 1943 and excess liability for the year 1942.
Petitioner was a corporation engaged in the retail furniture business. It reported its net income on the cash receipts and disbursement basis, deducted the cost of merchandise sold in the year of purchase...
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