Memorandum Findings of Fact and Opinion
HILL, Judge:
This proceeding involves deficiencies in income and declared value excess profits tax for the year 1940 in the respective amounts of $1,445.84 and $555.04. The sole question presented is whether respondent erred in disallowing $10,000 of the $22,000 deduction which petitioner claimed as compensation for its two-officer stockholders.
The tax return for the year in question was filed on an accrual...
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