Respondent determined deficiencies in petitioners' income tax for the years 1947, 1948, 1949, and 1950 in the respective amounts of $14,704.93, $1,178.02, $927.54, and $1,827.60. The only item in controversy is a part of the deficiency determination for 1947. The issues remaining are: (1) Whether petitioner Mac Levine's claims against his partly owned corporation became worthless in the tax year and whether they constituted a business or nonbusiness bad debt; or whether his...
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