Memorandum Findings of Fact and Opinion
SMITH, Judge:
This proceeding is for the redetermination of a deficiency in income tax for the fiscal year ended May 31, 1940, in the amount of $637.
Petitioner alleges that the respondent erred in the determination of the deficiency (1) in his disallowance of $5,000 of salaries paid to the petitioner's president and secretary, its principal stockholders, and (2) in holding that a portion of the salaries paid...
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