Memorandum Findings of Fact and Opinion
MULRONEY, Judge:
The respondent determined deficiencies in the petitioner's income tax for the years 1955, 1956 and 1957 in the respective amounts of $8,468.75, $4,991.22 and $30,872.36. The issue is whether petitioner is entitled to a business bad debt deduction in 1957 due to the worthlessness of a purported loan of $50,000 (plus accrued but unpaid interest of $3,500) made by it to The Pusey and Jones Corporation...
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