Memorandum Findings of Fact and Opinion
Respondent determined deficiencies in petitioner's income tax for the years 1955, 1956, and 1957 in the respective amounts of $8,032.42, $6,536.06, and $3,035.12.
The issues are: (1) Is the cost of two automobiles which petitioner purchased in 1955 for the personal use of its president and vice-president (its only shareholders), title to which it retained until the Spring of 1956, deductible by petitioner in 1955?...
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