Memorandum Findings of Fact and Opinion
The respondent determined a deficiency in income tax of petitioner in the amount of $2,403.04 for the taxable year ended September 30, 1949.
The issues are:
1. Did the respondent err in disallowing a deduction of $5,065.99 claimed by the petitioner for interest paid in its return for the taxable year?
2. Did the respondent err in disallowing deductions taken for officers' salaries, directors' fees,...
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