KNOCH, Circuit Judge.
Pursuant to the provisions of the 1954 Internal Revenue Code, § 7483, 26 U.S. C.A. § 7483, petitioner, Roberts & Porter, Inc., seek review of a decision of the Tax Court (37 T.C. 3, Tax Court Docket No. 83515) to redetermine an income tax deficiency for 1956.
The facts are undisputed. Roberts & Porter sold 40 (out of an authorized 75) $1,000 par, 6%, 10-year, convertible notes to Hugh R. Adams, Jr., then president and...
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