Respondent determined a deficiency in petitioner's income tax liability for the calendar year 1940 in the amount of $57,322.68. Respondent also determined a deficiency in petitioner's excess profits tax liability in the amount of $39,623.88 for the same year.
The questions involved are as follows:
1. Whether section 24 (c) of the Internal Revenue Code prohibits petitioner from deducting certain expenses in 1940.
2. Whether the common stock of Chelsea...
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