The respondent determined deficiencies in petitioner's income and excess profits tax for the fiscal years ended March 31, 1951, and March 31, 1952, of $7,972.65 and $10,302.58. By amendments to his answer, he now claims additional deficiencies for the said years of $1,998.83 and $1,112.
The questions remaining for decision are (1) whether certain automobiles sold by petitioner in the taxable years constituted property used in its trade or business, within the meaning...
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