This is a proceeding for the redetermination of a deficiency in income tax for 1938 in the amount of $30,441.90. The questions in issue are:
(1) Whether the petitioner is entitled to deduct from its gross income of 1938 certain general expenses in the amount of $16,478.19, where payment therefor was not made during the taxable year.
(2) Whether the petitioner is entitled to deduct $49,670.40 as the cost of certain repairs on the SS Greylock where payment...
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