The respondent has determined an excess profits tax deficiency of $19,925.35 against the petitioner for the calendar year 1944.
The issue presented is whether, in determining the excess profits credit based upon the invested capital method, the petitioner's obligation for the balance due under a contract for purchase and sale of timberlands and an alleged promissory note executed pursuant to that contract, constitutes an outstanding indebtedness evidenced by a note...
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