The respondent determined a deficiency in income tax for the year ended December 31, 1930, in the amount of $120,296.15. The deficiency arises solely from the disallowance of a deduction as a business expense of amounts credited to employees' stock subscription accounts which were terminated by full payment in 1930.
FINDINGS OF FACT.
The facts are set forth in a stipulation of the parties, which we adopt as our findings of fact. Only such of the facts as...
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