The respondent determined a deficiency in income tax against the petitioners for the calendar year 1940 in the amount of $160,815.10. The issue presented is whether the respondent erred in disallowing certain expense deductions taken by petitioners on their income tax return for that year.
The proceeding has been submitted upon the pleadings and a stipulation of facts. The stipulated facts not set forth are included herein by reference, except as hereinafter noted...
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