Memorandum Findings of Fact and Opinion
Respondent determined deficiencies in petitioners' income tax for the years 1947 and 1948 in the respective amounts of $387.88 and $854. The sole question submitted is whether Lester C. Bailey (hereinafter sometimes called petitioner), was entitled to deduct the amount of $7,500 as a non-business bad debt in the year 1947. Respondent held that the debt became worthless prior to 1947.
Findings of Fact
Prior...
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