Respondent determined a deficiency of $20,284.01 in excess profits tax for the taxable year ended February 28, 1942. Three issues were settled by stipulations of the parties, and effect will be given thereto in the computations under Rule 50. The two issues remaining for decision are: (1) whether the amounts deducted as compensation for two of petitioner's officers constituted reasonable allowances for the personal services actually rendered; and (2) whether petitioner's...
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