Memorandum Findings of Fact and Opinion
The respondent determined deficiencies in the income and declared value excess profits taxes of petitioner for the fiscal year ended June 30, 1946, in the respective amounts of $1,654.19 and $994.81.
The issues are whether respondent erred in disallowing (1) a deduction of $4,500 for interest paid, and (2) deductions for officers' compensation and salaries to the extent of $1,980 and $1,320, respectively.
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