Memorandum Findings of Fact and Opinion
This proceeding involves a deficiency in income tax for the year 1946 in the amount of $22,770.15.
The issues presented are (1) whether petitioner is entitled to deductions for business expenses of his lumber and timber business in addition to those allowed by the respondent in determining the deficiency; (2) whether petitioner's closing inventory for his lumber and timber business was less than the amount reported...
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