Memorandum Findings of Fact and Opinion
The respondent determined a deficiency of $295.81 in the petitioner's income tax for the year 1940.
The single issue now in controversy is the taxability of a gain purported to have been derived from the sale of certain bonds by the petitioner. This question in turn depends on whether or not the bonds had been acquired in a taxable exchange.
An issue relating to the deductibility of $321.15, representing expense...
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