Respondent has determined that petitioner's profits on contracts subject to renegotiation, during the year ended December 31, 1943, were excessive to the extent of $19,000, or $18,811.66 after adjustment for State taxes. In making this determination, the respondent deducted a proportional part of a salary allowance of $20,000 for the sole proprietor as an expense.
In the proceedings before this Court petitioner contests the determination of excessive profits by claiming...
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