The Commissioner determined deficiencies of $71,270.15 and $146,041.46 in the income tax of Cameo-Parkway Records, Inc., for the calendar years 1962 and 1963, respectively. By an amendment to answer the Commissioner claimed an increased deficiency for 1963 of $244,265.09. The issues presented for decision are as follows: (1) Whether the Commissioner may increase petitioner's 1962 deficiency on the basis of his recomputation of petitioner's taxable income for a prior period...
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