The Commissioner determined a deficiency of $1,558.96 in the income tax of the petitioners for 1949. The only issue for decision is whether an amount of $5,000 is to be deducted as a business or nonbusiness bad debt, or as a business loss.
FINDINGS OF FACT.
The petitioners are husband and wife. They filed a joint return for 1949 with the collector of internal revenue for the first district of California.
From 1942 through 1949 Larry E. Webb (hereafter...
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