The Commissioner determined a deficiency for the calendar year 1946 of $693.50 in income tax and $13,472.20 in personal holding company surtax. The question is whether the legal expenses entailed in amending a corporation's charter, reducing its authorized and outstanding capital stock, distributing part of its assets, and issuing new stock, are deductible as an ordinary and necessary business expense. The parties submitted a stipulation of facts with annexed exhibits; in...
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