Respondent determined deficiencies in petitioner's income and excess profits taxes for 1944 in the amounts of $1,305.47 and $67,089.48, respectively. By amended petition, petitioner seeks the determination that there was an overpayment.
The only issue presented for our consideration relates to adjustments to petitioner's 1946 closing inventory by reason of obsolescence. The consideration of 1946 is necessary in order to ascertain the amount of petitioner's net operating...
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