The respondent determined a deficiency of $7,991.48 in the income tax liability of the petitioners for the calendar year 1947 and the entire amount thereof is in controversy.
The first assignment of error raises the question of whether a debt of $32,342.91 which became worthless in 1947 is deductible in its entirety under section 23 (k) (1), as claimed by petitioners, or whether it constituted a "nonbusiness debt" within the meaning of section 23 (k) (4) and, therefore...
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