Respondent determined deficiencies in petitioners' income tax for the years 1965 and 1966 in the amounts of $43,420.24 and $30,026.03, respectively.
Because of concessions by the parties the only issue presented for our decision is whether certain advances made by petitioner to Smith Petroleum Service, Inc., are deductible as business bad debts, as nonbusiness bad debts, or as ordinary and necessary business expenses. The...
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