Memorandum Findings of Fact and Opinion
The Commissioner determined an income tax deficiency of $9,825.63 for 1945 against each taxpayer. The issues for decision are (1) whether the amounts spent on various items of equipment were ordinary business expenses or capital expenditures, (2) whether interest was paid on an indebtedness, and (3) whether the loss on the Club Village project was an ordinary loss or a capital loss.
Findings of Fact
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