The respondent determined deficiencies of $1,222.91, $1,246.43, and $2,906.96 in the petitioner's income tax, declared value excess profits tax, and excess profits tax, respectively, for the year 1941. The issues are:
1. Is the petitioner, on the accrual basis, entitled to deduct rent expense incurred and accrued during its taxable year and owed to an individual, the petitioner's controlling stockholder, who reported such rent in his income tax return for the year...
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