PIERCE, Judge:
Respondent determined a deficiency in income tax against the petitioners for the calendar year 1953 in the amount of $142,307.78. For the succeeding year 1954, he determined an overassessment in petitioners' income tax in the amount of $11,248.07.
The issues presented for decision are:
(1) Whether in computing (on the so-called completed contract basis) the profit realized on a long-term construction contract performed by the...
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