These proceedings were consolidated for hearing and involve a deficiency of $2,520.86 in income tax for 1941 in Docket No. 2833, and a deficiency of $4,321.31 in income and victory tax for 1943 in Docket Nos. 9064 and 9518. The issue is whether the petitioners are entitled to amortize over the term of a lease executed upon lots their unrecovered base of the improvements thereon which were demolished in 1939, plus certain other costs incurred in obtaining the lease. The stipulation...
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