This proceeding was instituted to test the correctness of respondent's determination of deficiencies in the amounts of $11,727.15, $44,850.29, and $883.85 in petitioner's income taxes for the taxable years 1942, 1943, and 1944, respectively. The major issue relates to the purchase by petitioner of its bonds in the years 1940, 1941, and 1943 and raises the question whether or not petitioner realized taxable income from such transactions. The determination of this question...
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