Respondent determined a deficiency in income tax of petitioners for the year 1953 in the amount of $34,603.56. The principal issue is whether expenditures relating to the operation of the yacht Goodwill in 1953 are deductible as ordinary and necessary business expenses.
FINDINGS OF FACT.
Some of the facts have been stipulated, and as stipulated, are incorporated herein by reference.
Petitioners, husband and wife, are residents of Newport Beach...
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