Memorandum Findings of Fact and Opinion
FAY, Judge:
The respondent has determined a deficiency in petitioners' income tax for the taxable year 1956 in the amount of $1,546.58. The only issues for decision are whether the respondent was correct (1) in determining that the petitioners did not sustain a deductible loss of $15,000 in connection with the joint venture between the petitioner Charles E. Oates and one Fleet Magee and (2) in determining that Magee...
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