Memorandum Findings of Fact and Opinion
Respondent determined a deficiency in petitioners' income tax liability for the year 1940 in the sum of $470.20. This deficiency resulted from respondent's "disallowance of deduction for advances" to a corporation wholly owned by petitioner Louis Rosenberg, in the sum of $6,899.88.
In petitioners' return for the taxable year filed on form 1040 a deduction was taken as "other deductions allowed by law" in the sum of...
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