The respondent determined a deficiency of $4,785.19 in the petitioner's income tax for the fiscal year ended October 31, 1948. The issues presented are whether the respondent erred (1) in disallowing certain amounts deducted by petitioner as ordinary and necessary business expenses and determining that they should be capitalized and allowances for depreciation be taken with respect thereto, and (2) in determining that petitioner realized capital gain of $1,400 during the...
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