This proceeding involves deficiencies as follows:
1940 income tax ------------------------------------ $485.23 1941 income tax ------------------------------------ 1,745.30 1941 declared value excess profits tax ------------- 257.60 1941 excess profits tax ---------------------------- 1,322.46
In its income tax return for 1940 petitioner accrued and deducted as an expense $11,000 representing officers' salaries, of which only $8,400 was...
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