Memorandum Findings of Fact and Opinion
TANNENWALD, Judge:
Respondent determined a deficiency of $5,617.56 in petitioners' income tax for their taxable year ended on February 28, 1966. Petitioners claim that there is no tax due and that they are entitled to a refund in the amount of $501.46, the entire amount of the tax paid for the year in question. The issues for our determination are (1) the amount of the basis of Estill Sargent's partnership interest...
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