Memorandum Findings of Fact and Opinion
DISNEY, Judge:
This proceeding involves deficiencies of $1,297.66 in income tax and $12.47 in declared value excess profits tax for the calendar year 1943. The issue is whether the respondent erred in disallowing as deductions under the provisions of section 24(c) of the Internal Revenue Code, certain amounts as compensation for services of petitioner's president. The stipulation of facts filed by the parties is incorporated...
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