Memorandum Findings of Fact and Opinion
SMITH, Judge:
This proceeding is for the redetermination of deficiencies in income tax, declared value excess profits tax, and excess profits tax for the calendar year 1941 in the amounts of $1,230.97, $1,238.32, and $2,869.92, respectively. The question in issue is whether the petitioner is entitled to deduct from gross income $21,043.37 paid to its president, treasurer, and general manager as compensation for services...
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