PIERCE, Judge:
Respondent determined deficiencies in the petitioner's income taxes for its fiscal years ended June 30, 1956 and 1957, in the amounts of $37,500 and $640,386.77, respectively.
The issues for decision are:
(1) Whether a corporation which had in 1952 and 1953 experienced substantial changes in its stockownership and in the character of its business — as the result of a chapter X bankruptcy reorganization, the discontinuance...
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