Memorandum Findings of Fact and Opinion
JOHNSON, Judge:
Respondent determined a deficiency of $680.44 in the income tax of petitioner for the taxable period January 1, 1950, to October 15, 1950. The issues involved are:
(1) Whether petitioner, a cash basis cattle feeder, may properly deduct the cost of cattle in the year of purchase, or whether he must defer recovery of cost until the cattle are sold;
(2) Whether, if petitioner is required...
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