A deficiency of $2,923.10 was determined in petitioner's income tax for 1938. Of several items of adjustment, petitioner assails the disallowance of deductions taken as ordinary and necessary business expenses.
FINDINGS OF FACT.
Petitioner, a Delaware corporation with principal office at Watkins Glen, New York, filed its income tax return for 1938 with the collector for the twenty-first district of New York.
On June 22, 1921, petitioner acquired...
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