Memorandum Findings of Fact and Opinion
TIETJENS, Judge:
The respondent determined a deficiency in petitioner's income tax for the fiscal year ending October 31, 1959 in the amount of $25,322.20. The issues are whether respondent erred (1) in increasing petitioner's contract income for the taxable year by $52,934, and if not, whether petitioner is entitled, in the alternative, to a bad debt or other deduction in the amount of $52,934; (2) in disallowing...
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