Memorandum Findings of Fact and Opinion
The respondent determined a deficiency in the petitioner's income tax for the calendar year 1945 in the amount of $7,403.24 and a 50 per cent penalty in the amount of $3,701.62. Assertion of the penalty was waived by counsel for the respondent at the hearing.
The deficiency determined results from the respondent's finding that the petitioner understated his income from the Valley Poultry Company. Consequent on this...
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