Memorandum Findings of Fact and Opinion
Respondent determined a deficiency in the income tax of petitioner for the year 1953 in the amount of $3,263.94.
The sole issue is whether the unpaid balance of a note issued by petitioner in favor of National Associates, Inc. was forgiven in 1953 and constituted taxable income for that year.
Findings of Fact
Some of the facts have been stipulated and, as stipulated, they are incorporated herein by...
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