MINTON, Circuit Judge.
The petitioner has appealed from a decision of the Board of Tax Appeals confirming the Commissioner's determination of a deficiency in petitioner's income tax for 1937. The question we are confronted with at the threshold is whether the cancellation of certain indebtedness owed by the petitioner in the amount of $19,234.21 constituted taxable income.
In December, 1933 petitioner was indebted to its landlord for past-due rent in the sum...
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