OPINION.
ARUNDELL, Judge.
Respondent determined a deficiency in income tax for the calendar year 1956 in the amount of $61,048.
The only issue is whether petitioner properly accrued on its books and records and deducted from its gross income in its income tax return for the year 1956 the amount of $117,400 representing the sum petitioner agreed to pay under the terms and provisions of a written agreement with its former president, executed...
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