Memorandum Opinion
SMITH, Judge:
This proceeding is for the redetermination of a deficiency of $2,055.60 in petitioner's income tax for 1938. The only error alleged is the respondent's disallowance of a claimed loss deduction of $4,650 representing the cost to the petitioner of an oil and gas royalty interest which he contends became worthless in 1938. Some of the facts have been stipulated.
Petitioner is a resident of the State of Oklahoma and has...
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