The respondent determined a deficiency in petitioner's income tax for the taxable year 1945 in the amount of $3,584.03. The issue for our decision is whether the petitioner sustained a deductible loss in the amount of $7,002 during the taxable year 1945, resulting from his cancellation of a note payable to him by the Sitterding-Carneal-Davis Company, Inc., during the year 1944.
FINDINGS OF FACT.
The facts stipulated by the parties are found accordingly....
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