Respondent made two adjustments in petitioner's taxable net income for the fiscal year ended June 30, 1940, which resulted in a deficiency in income tax of $14,785.49. Petitioner has conceded that one of the determinations is correct and that there is some deficiency in tax, but it contests the disallowance of a deduction of $65,000, a sum which was paid to stockholders of Rockville Centre Community Corporation. Petitioner claims that it is entitled to deduct the above amount...
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