O'CONNELL, Circuit Judge.
The instant appeal poses the question whether a $30,000 payment made in 1942 by Gilt Edge Textile Corporation ("Gilt Edge"), the taxpayer, to one Philip Dimond, who was its president, treasurer, a director, and the majority stockholder, is deductible from its gross income under the provisions of Section 23(f) of the Internal Revenue Code, 26 U.S.C.A. § 23(f).
The facts are substantially as follows: One Louis Spitz, a business...
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