The respondent determined deficiencies in income tax of petitioners, for the taxable years 1948 and 1949, in the amounts of $9,482.04 and $8,925.13, respectively.
The issues framed by the pleadings are: (1) Whether petitioners' distributable share of the profits realized by a partnership, of which they were members, from a transaction involving the cutting of certain timber, which transaction was with a corporation, 50 per cent of the stock of which was held by petitioners...
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