Bemidji Distributing Co., Inc. - Page 29

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          primarily benefited him and not BDC.  Accordingly, the pro rata             
          share of the selling expenses attributable to Mr. Langdon and               
          paid by BDC is a constructive dividend taxable to him and                   
          nondeductible by BDC.                                                       
               To reflect respondent's concessions and the foregoing,                 
                                                  Decisions will be entered           
                                             under Rule 155.                          

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