Memorandum Findings of Fact and Opinion
Respondent determined a deficiency in petitioner's income tax for the taxable year 1948 in the amount of $19,703.76. The issue presented is whether for the taxable year involved the amount of $42,000 received by the petitioner-lessor in excess of the yearly rental from the lessee constitutes prepaid rent taxable to petitioner.
Findings of Fact
Petitioner, which kept its books and records on the accrual method...
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