Memorandum Findings of Fact and Opinion
The Commissioner determined a deficiency of $4,022.68 in petitioners' Federal income tax for the calendar year 1966. The only issue presented is whether petitioners' compromise settlement of a $45,557.22 debt for $30,000 entitles them to a deduction in 1966 for a wholly or partially worthless bad debt under section 166(a), I. R. C. 1954.
Findings of Fact
The parties have stipulated certain facts which are...
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