Memorandum Findings of Fact and Opinion
HARRON, Judge:
Respondent determined a deficiency in income tax liability for the fiscal year ended September 30, 1940, in the amount of $9,684.31, resulting from the disallowance of numerous expenditures, aggregating $194,659.55, as deductions from gross income. The parties have agreed to certain adjustments which will be settled under Rule 50.
Petitioner employs the accrual method of accounting and filed...
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