Memorandum Findings of Fact and Opinion
FORRESTER, Judge:
Respondent has determined deficiencies in petitioner's income taxes for taxable years 1969 and 1970 in the respective amounts of $19,008.84 and $29,161.39. Concessions have been made, and the only issue remaining for our decision is whether the compensation paid by petitioner to its president, chief executive officer and sole stockholder, David P. Caldwell, is deductible as a reasonable business expense...
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