United States Tax Court.
Memorandum Findings of Fact and Opinion
DAWSON, Judge:
The respondent determined a deficiency in the petitioners' income tax for the year ended December 31, 1959, in the amount of $523.22.
The only issue for decision is whether the amount realized upon the cancellation of unsecured debts owed to the corporate employer at the time petitioner's employment was terminated constituted ordinary income...
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