Memorandum Findings of Fact and Opinion
The Commissioner has determined a deficiency in income tax in the amount of $2,717.19 and in declared value excess profits tax of $437 for the taxable year ended December 31, 1941.
The sole question concerns the reasonableness of a salary in the amount of $46,000 paid by the petitioner to its vice president during the taxable year.
Findings of Fact
Petitioner, the Elbert Steel Corporation, was organized...
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