Memorandum Findings of Fact and Opinion
An income tax deficiency of $12,539.60 for the year 1937 resulted from the Commissioner's determination that depreciation of a yacht and expenditures for its maintenance were not deductible, since the yacht was not used nor the expense incurred in any trade or business. Whether this determination was correct is the only issue to be decided. Petitioner's return for the year involved was filed with the Collector for the second...
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