In these proceedings the petitioners appeal from respondent's determination of deficiencies with regard to their income tax for the years 1938 and 1939. Counsel for respondent, at the hearing herein, conceded error as to certain issues and petitioners, upon brief, waived certain other issues. After these concessions and waivers, which will be given effect in computations to be filed under Rule 50, there remain two questions: (1) Are petitioners entitled to deduct from their...
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