The respondent determined deficiencies in income tax for the years 1945 and 1946 of $2,599.69 and $3,009.22.
Two questions are presented: First, whether petitioner was entitled to deduct the full amount of $2,075 which he claimed as the loss of a down payment for a piece of real estate in 1945 which he "forfeited" for failure to carry out his contract of purchase; and, second, whether petitioner was entitled to deductions of $4,524.27 in 1945 and $12,590 in 1946,...
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