Memorandum Findings of Fact and Opinion
PARKER, Judge:
Respondent determined deficiencies in petitioners' Federal income taxes in the amounts of $83,500.90, $56,386.40, and $43,761.91 for the taxable years 1974, 1975, and 1976, respectively. After concessions by petitioners, the only issue for decision is whether petitioners "incurred or continued" indebtedness to "purchase or carry" tax-exempt securities within the meaning of section 265(2) of the Internal...
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