Memorandum Findings of Fact and Opinion
FAY, Judge:
Respondent determined deficiencies in the income tax of petitioners for the taxable years 1967 and 1968 in the amounts of $519.74 and $617.18, respectively.
The question presented is whether petitioners are entitled to a cost depletion deduction for their investment in ground water extracted and disposed of by them in a farming operation. More specifically, the issue is whether this ground water...
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