Respondent determined a deficiency in petitioner's excess profits tax for the calendar year 1943 of $8,153.39.
The only issue presented for decision is whether respondent properly determined that the amount of $90,000 covering notes paid in for stock did not constitute invested capital under section 718 of the Internal Revenue Code or a capital addition under section 713 in computing petitioner's excess profits credit.
At the hearing respondent conceded that...
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