ARUNDELL, Judge:
The Commissioner determined income tax deficiencies for the years 1939 and 1940 in the respective sums of $36.34 and $1,535.92. The present proceeding concerns only the latter year and has to do with an item that was claimed in the return as a loss, but which is now alleged to be deductible as a bad debt. The facts are largely stipulated.
Petitioner, a resident of Winston-Salem...
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