McCORD, Circuit Judge.
This appeal involves an alleged deficiency in excess profits and declared value excess profits taxes for the year 1943. Jurisdiction is here invoked under Section 1141 (a) of the Internal Revenue Code, as amended, Title 26 U.S.C.A. § 1141(a).
The question presented is whether the sum of $10,000 paid by taxpayer on a certain note in 1943 is deductible from its gross income as an ordinary and necessary business expense under Section...
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