Memorandum Findings of Fact and Opinion
FISHER, Judge:
Respondent determined a deficiency in the income tax of petitioner for the taxable year ended March 31, 1956, in the amount of $71,850.40.
The issues presented for our consideration are (1) whether petitioner overstated its cost of land for the year 1956 by including therein the amount of $114,180 paid for the purported purchase of an option right to purchase a tract of land; (2) whether petitioner...
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