BRATTON, Circuit Judge.
The question presented for determination is whether The Knight-Campbell Music Company, a corporation engaged in business in Denver, Colorado, hereinafter referred to as the taxpayer, was entitled to a deduction from gross income, claimed as an ordinary and necessary business expense.
The taxpayer had outstanding both common and preferred stock. There were 2644 shares of common stock, of which Lillian E. Campbell owned 1315 3/6 shares...
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