Deficiencies have been determined in petitioner's income and excess profits taxes for 1942 in the respective amounts of $10,185.57 and $162,947.19. The questions for our determination are (1) whether the respondent erred in disallowing the deduction of South Carolina property taxes in the amount of $9,490 which accrued in January, 1942, but which petitioner accrued month by month and paid in its fiscal year ended March 31, 1942, and (2) whether petitioner is entitled in 1942...
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