Memorandum Findings of Fact and Opinion
SCOTT, Judge:
Respondent determined a deficiency in petitioners' income tax for the year 1957 in the amount of $40,845.91.
The issues for decision are:
(1) Whether petitioners improperly reported income from oil leases in the taxable year 1957 in the amount of $73,124.59. Petitioners' primary position is that they renounced all claim to these amounts prior to the end of the taxable year 1957, and their...
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