Memorandum Findings of Fact and Opinion
DRENNEN, Judge:
Respondent determined a deficiency in petitioners' income tax for the year 1969 in the amount of $1,248.74. The issue for decision is whether petitioner is entitled to deduct as an ordinary and necessary business expense the amount of $3,779 paid in 1967 in settlement of, and for legal fees incurred in connection with, a lawsuit brought against petitioner, Sheldon Solomon, for misappropriation of funds...
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