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This document is a court case from 1957 regarding whether a taxpayer corporation could deduct a payment made to settle a disputed tax liability from prior years when calculating its personal holding company surtax for 1949. The Tax Court had previously allowed such deductions but changed its view based on other court rulings. However, the First Circuit Court of Appeals here reversed, finding that under the plain language of the tax code, an accrual basis taxpayer could deduct taxes that accrued, in the acco

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