Findings of Fact and Memorandum Opinion
The Commissioner determined an aggregate deficiency for the fiscal year ended June 30, 1941, of $17,174.85 in income tax, declared value excess profits tax and excess profits tax, as the consequence of disallowing the deduction of $30,000 of $70,000 salaries paid to officers on the ground that it represented excessive compensation for the services rendered. Another issue is settled by the Commissioner's concession that the...
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