Memorandum Findings of Fact and Opinion
COLVIN, Judge:
Respondent determined deficiencies in petitioner's Federal income tax of $497,417 for the fiscal year ending October 31, 1988 (fiscal year 1988), and $78,225 for the fiscal year ending October 31, 1989 (fiscal year 1989).
Petitioner is an electrical contractor that used the cash receipts and disbursements method of accounting (cash method) before and during the years in issue. The issues for...
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