OPINION.
STERNHAGEN, Judge:
Determining a deficiency of $482.51 income tax for 1939, the Commissioner held that the cancellation of $3,750 indebtedness for salaries due officers constituted taxable income. The proceeding was submitted under Rule 30 upon a stipulation of facts.
The petitioner is a New York corporation and filed its 1939 income and excess profits tax return in the third district of New York. Its assets consist entirely of a...
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