TRAIN, Judge:
Respondent determined a deficiency in petitioner's income tax for the fiscal year ended October 31, 1950, in the amount of $14,245.82.
The issues are:
(1) Whether petitioner may exclude from gross income for the fiscal year 1950 the amount of $43,471.33 or any part thereof, the amount deferred by petitioner as unearned income resulting from a "Service Guarantee"; and
(2) Whether petitioner is entitled to a bad debt deduction...
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