Petitioner, reporting on a calendar year basis, was a member of a partnership which reported on the basis of a fiscal year ending September 30. The partnership was dissolved on December 31, 1948. For the 12-month period ended September 30, 1948, the partnership reported a profit but for the subsequent 3-month period, ended December 31, 1948, it incurred a loss. Upon his return for 1948, petitioner included his share of the partnership earnings for both periods, aggregating...
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