Memorandum Opinion
SMITH, Judge:
The petitioner seeks the redetermination of a deficiency in income tax for the calendar year 1941 in the amount of $1,802.03. The only question in issue is the amount of net income derived by the petitioner during the calendar year from a speculative business of placing bets on racing horses.
[The Facts ]
The petitioner is a resident of Detroit, Mich. He filed his income tax...
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