This proceeding involves tax liability for the calendar year 1940 as follows: Income tax, $3,752.93; declared value excess profits tax, $2,855.58; and excess profits tax, $3,298.92.
The sole issue is the reasonableness of the salaries paid to petitioner's three officers. The case was submitted upon oral testimony and exhibits.
FINDINGS OF FACT.
Petitioner is a New York corporation, organized in 1933, and has its principal office and place of business...
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