The respondent determined deficiencies in income tax against the petitioner for the fiscal years ended August 31, 1946 and 1947, in the respective amounts of $4,625.01 and $12,251.39, and deficiencies in excess profits tax for the fiscal years ended August 31, 1945 and 1946, in the respective amounts of $7,775.34 and $4,421.87. The only question presented is whether payments made under a "Lease and Option to Purchase" agreement were deductible as rent. Another issue presented...
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