The respondent determined deficiencies in income tax for the taxable years 1950 and 1951 in the amounts of $46,106.49 and $5,927.58, respectively. The questions are as follows: (1) Whether the bases of three pieces of improved real estate were fully recovered through annual depreciation allowances prior to 1950 so that no depreciation deductions are allowable for 1950 and 1951. (2) Whether the initial payments received by petitioners in 1951 upon the sale in 1951 of a tract...
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