Respondent has determined a deficiency in petitioners' income tax for the calendar year 1948 in the amount of $3,680.38. The only adjustment which is contested is explained by respondent as follows:
(1) It is held that the payment of $12,423.37, a portion of its profits, by the partnership of Francis I. du Pont & Company to Paine, Webber, Jackson & Curtis, does not constitute an ordinary and necessary expense of carrying on a trade or business. Hence, the...
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