Memorandum Findings of Fact and Opinion
HILL, Judge:
This proceeding is for the redetermination of deficiencies in tax for the year 1941 as follows: Income tax $11,412.91, declared value excess-profits tax $463.12, and excess-profits tax $45,761.17. In its return for the taxable year petitioner deducted as business expense "compensation of officers" in the amount of $124,943.63, of which respondent disallowed $81,029.96. The correctness of respondent's action...
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