Memorandum Findings of Fact and Opinion
Respondent has determined deficiencies in petitioner's 1944 income tax, declared value excess profits tax, and excess profits tax liabilities in the amounts of $37.37, $11,538.81, and $63,187.59, respectively. Petitioner contests the deficiencies resulting from respondent's determination that only $40,000 of the $127,272.55 claimed as a deduction for compensation paid to its president represented reasonable compensation. Respondent...
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