DRENNEN, Judge:
Respondent determined deficiencies in petitioners' income tax for the years 1955 and 1956 in the amounts of $2,434.06 and $135.49, respectively.
The issue for decision is whether the amount of cash received by petitioner, John Winthrop Wolcott, from his former partner and the cancellation of petitioner's indebtedness to the firm pursuant to an agreement settling and disposing of the assets of their dissolved partnership is taxable as...
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