Memorandum Findings of Fact and Opinion
DISNEY, Judge:
This proceeding involves a deficiency of $6,539.74 in income tax for 1942. The issues are whether the respondent erred (1) in disallowing a net loss carry-over from the year 1940 in the amount of $15,427.60, and (2) disallowing, as excessive, $1,500 of officer's salary.
Findings of Fact
The petitioner, a California corporation, organized on July 1, 1933, filed its return for 1942 with...
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