The respondent determined deficiencies in income tax against the petitioners in the amount of $5,087.88 for the taxable year 1953 and in the amount of $2,450.28 for the taxable year 1954. The questions are (1) whether the petitioners are entitled to deduct as ordinary and necessary business expenses amounts paid in 1953 and 1954 to a bonding company to indemnify it for payments it had made under an indemnity bond to a bank by which petitioner Nicholas D. Wusich had been employed...
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