MAJOR, Chief Judge.
These are petitions for review of the decisions of the Tax Court and involve deficiencies in income tax for the taxable year 1944. The questions for decision are the same and stem from identical facts. They were consolidated before the Tax Court for hearing and decision.
Two issues are presented for decision: (1) whether the exchange by taxpayers of second mortgage bonds issued by the Standard Club for certificates of indebtedness pursuant...
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