The respondent determined a deficiency in income tax against the petitioners for the calendar year 1948 in the amount of $76,517.63. The question for decision is whether the respondent erred in determining that $128,090.43 of the profit realized under a certain construction contract completed in the fiscal year ended August 31, 1949, was the income for the taxable period ended August 31, 1948, of a partnership of which Alden Charles Palmer was a partner. The disallowance...
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