Respondent determined a deficiency of $3,862.07 in the income tax of petitioner for the calendar year 1944. The single issue to be decided is whether respondent properly included in petitioner's income one-half of the mortgage amortization payments made in 1944 by the lessee of the Peter Cooper Hotel to the mortgagee, petitioner having acquired a one-half interest in the hotel subject to the lease and mortgage but without assuming the mortgage.
The parties stipulated...
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