Respondent has determined a deficiency in income tax of the petitioner for the calendar year 1943 in the amount of $10,913.37. Certain minor adjustments in determining the deficiency are not contested. The issue present for decision is the correctness of respondent's action in disallowing a deduction taken by petitioner upon his return for the year in question in the sum of $26,389.65 as representing a business bad debt deduction by reason of certain alleged indebtedness...
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