OPINION.
LEECH, Judge:
This proceeding involves the correctness of a proposed deficiency in excess profits tax for the calendar year 1943 in the amount of $6,632.34. In determining the excess profits net income for the taxable year, respondent denied the petitioner the benefits of section 711 and section 735 of the Internal Revenue Code in computing "nontaxable income." The propriety of that action is the only issue submitted. All the facts were stipulated...
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