Memorandum Findings of Fact and Opinion
LEECH, Judge:
Respondent has determined deficiencies in income tax of $1,500.11 and $434.50 for the calendar years 1939 and 1940, respectively, and a deficiency in excess-profits tax of $111.67 for the calendar year 1939. The two issues are upon respondent's action in including in income certain amounts recovered by petitioner on bad debts charged off by a predecessor and certain amounts collected on loans made by...
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