OPINION
ARUNDELL, Judge:
Respondent determined a deficiency in income tax for the calendar year 1957 in the amount of $8,789.11.
The petition assigns one error as follows:
(a) Respondent erroneously disallowed a deduction in the amount of $9,453.00 which he characterized as the "cost of a proxy fight."
The facts were all stipulated and are so found.
Petitioners are husband and wife, residing in Baltimore, Md. They timely...
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