Memorandum Findings of Fact and Opinion
SMITH, Judge:
This proceeding is for redetermination of deficiencies in income tax and excess profits tax for the fiscal year ended March 31, 1938, of $28,610.85 and $9,548.81, respectively.
The petitioner has waived one of the allegations of error stated in the petition. The questions in issue are whether the petitioner is entitled to deduct from gross income of the taxable year (1) $50,000 representing a...
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