The Commissioner determined deficiencies in the income tax of petitioner, J. A. Maurer, Inc., for the taxable years 1948 and 1949 in the respective amounts of $164,378.50 and $34,520.07.
The deficiencies result from respondent's determination that a cancellation of $900,000 of petitioner's notes in 1948 for $400,000 by a majority shareholder in petitioner resulted in taxable income in the amount of $500,000, plus $1,996.97 in accrued and deducted interest on the notes...
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