STONE, Circuit Judge.
This is a petition to review a decision of the Tax Court denying a requested redetermination of an asserted deficiency in income tax for the calendar year 1949. The deficiency is concerned with one matter only — the disallowance by the Commissioner of an addition of $9,232.75 to taxpayer's bad debts reserve for 1949.
With additional allowable exemptions, a basic theory of the income tax law is to measure the tax by the net income...
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