The respondent determined deficiencies of $17,270.64 and $1,291.28 in the income tax liability of petitioner Harry Dunitz for the years 1939 and 1940, respectively. He also determined deficiencies of $16,212.16 and $1,255.44 in the income tax liability of petitioner Max Dunitz for the same respective years.
The issues are:
1. Whether the transactions in 1939 relating to the disposition of mortgage bonds and notes by the partnership firm of Dunitz Bros., composed...
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