Memorandum Findings of Fact and Opinion
The respondent determined deficiencies of $46,510.02 and $9,837.64 in the income taxes of the petitioners for the years 1936 and 1937, respectively. He also imposed penalties of $2,325.50 and $491.88 for the same respective years.
The issues now in controversy are:
(1) The deductibility in 1936 of $556,200 as a loss to the petitioner Laura C. Mattes, on account of the worthlessness of her stock of the Lambeth...
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