The respondent determined a deficiency of $61,037.31 in the income tax of the petitioners for the year 1948.
Not all the adjustments of the respondent have been contested; and one of the issues raised in the pleadings, respecting loss of a down payment of $6,000 on machinery purchased from Terra Coal Company has been conceded by the respondent in his brief.
The sole issue remaining for decision is whether respondent erred in disallowing...
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