Memorandum Findings of Fact and Opinion
DISNEY, Judge:
This proceeding involves a deficiency of $103,837.55 in excess profits tax for the calendar year 1942. Issues conceded by the respondent at the hearing will be reflected in the recomputation under Rule 50. The issues remaining are whether petitioner is entitled to deduct as ordinary and necessary business expenses the amount of $97,500 incurred in settlement of a court proceeding and expenses totaling...
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