United States Board of Tax Appeals July 11, 1925, Docket No. 2096. (Hecht v. Commissioner)

lead-opinion

*321OPINION.

Ivins:

Section 214 (a) (1) of the Eevenue Act of 1918 provides that in computing net income there shall be allowed as deductions all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, “including a reasonable allowance for salaries or other compensation for personal services actually rendered.